15.5 C
Friday, September 17, 2021

CMA Warns Against Participating in WIE Limited’s Share Offer

Must read

Uzalendo Newshttps://uzalendonews.co.ke/
Do you have a story that you think would interest our readers? Write to us 'info@uzalendonews.co.ke'

BY HENRY MARETE – The Capital Markets Authority has cautioned members of the public against participating in a capital raising drive and public offer of shares currently being undertaken by WIE Limited, also trading as Women Investing in Entrepreneurship, warning that it had not sanctioned the offer.

In a statement, outgoing CMA Chief Executive Paul Muthaura said the Authority has noted glaring discrepancies in the information provided in the firm’s website (www.wiie-wiwi.com) as well as what has been supplied to the capital markets regulator by WIE Limited as pertains to the firm’s operations.

“The Authority’s preliminary investigations revealed that WIE Limited has been raising money from the public through a public offer of shares targeting women as their customers and also branding itself as ‘A women’s income and wealth incubator’.

‘WIE Limited business model furthermore seems to have been endorsed by various women celebrities in the country in a bid to lure more women investors’, CMA Chief Executive Mr. Paul Muthaura said.

CMA said it had in the meantime frozen the company’s bank account pending further inquiries noting that the nature and features of the capital raising by WIE Limited was taking the form of a regulated activity, yet it had not been approved by the CMA.

Established in 1989 as a statutory agency, the CMA is charged with the core mandate of regulating and developing an orderly, fair and efficient capital markets in Kenya to promote market integrity and investor confidence.

It is the only body entrusted with regulating public offer of securities such as equities, bonds as well as the issuance of other capital market products such as collective investment schemes.

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article