Kenya’s Capital Markets Authority has cautioned the public against participating in any capital raising and public offer of shares offered by WIE Limited also operating under the name Women Investing in Entrepreneurship.
CMA says it has noted discrepancies in the information provided in the firm’s website and the information given to the Authority in relation to its 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 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 Paul Muthaura said.
At the same time, CMA in collaboration with other law enforcement agencies has frozen the company’s bank account pending further inquiries noting that the nature and features of capital raised by WIE Limited is taking the form of a regulated activity, which has not been approved by the Authority.
The Authority notes that WIE Limited has been raising money from the public through a public offer of shares targeting women which has not been approved by the Authority.