On 31 December 2021, we had 200,000 shares outstanding and each share has a face value of $10.00. Outstanding shares are controlled by four institutions;


TRM is the majority shareholder, with 58.5% of shares outstanding.TURAME shares are held in trust for employees that are beneficiaries of employee stock options granted at the time that Kaebauk was established. IFC holds 12.5% and BOPA 16.5%


BOPA is a microfinance investment holding company registered in Singapore.

BOPA has investments in seven early-stage Asian microfinance institutions including Kaebauk.

BOPA actively participates in the development of Kaebauk, particularly regarding involvement in the corporate governance, and has a seat on the Board.


International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets and developing economies. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities for better lives. In fiscal year 2021, it invested $31.5 billion in total commitments, including $23.3 billion in long-term finance and $8.2 billion in short-term finance, to private companies and financial institutions in emerging and developing economies, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

IFC’s involvement with TRM and Kaebauk began with a convertible loan to TRM in 2013.


TURAME shares are held on behalf of our employees who were eligible to benefit from stock options at the time of our inception.

Most of the approximately 80 employees who were awarded share options are long-term employees who helped sustain the institution through the period of Timor-Leste’s civil unrest and subsequent rebuilding.

The record of shares held on behalf of employees is kept by our Corporate Services Manager.