logo-loader
viewKinerjaPay Corp

KinerjaPay gets Wahana Group's 'firm' commitment on $200M equity investment

Wahana Group has signed up for $200 million in Series F and Series G convertible preferred stock

payment processing site via tablet
KinerjaPay now expects the process to close the funding should be completed within 30 days

Shares of KinerjaPay Corp (OTCMKTS:KPAY), the Indonesian digital payment and e-commerce platform, soared Monday after the company announced further progress on its commitment from Indonesia’s PT Investa Wahana Development to invest $200 million.

As previously announced, Wahana Group has signed up for $200 million in Series F and  Series G convertible preferred stock. 

On Monday, KinerjaPay said it has received Wahana’s “firm and continuing” commitment to closing its funding to KPAY in a timely manner.

In response, KinerjaPay shares jumped more than 16% to $0.50 in midday trade in New York.

READ: KinerjaPay surges after receiving commitment from Indonesia’s Wahana Group to invest $200M

The initial delay in securing the funding since KinerjaPay reported the Wahana Group’s subscription for the preferred stock in January stemmed from the complexity of US federal banking regulations which make it challenging to accept $200 million in funding from an Indonesian-based investor.

But KinerjaPay now expects the process to close the funding should be completed within the next 30 days or sooner after moving to use its existing bank accounts in Indonesia.

“The company has agreed to engage the services of a professional banking consultant who has recommended together with the Wahana Group, that the company utilize KPAY’s existing banking relationships in Indonesia,” said Edwin Ng, KinerjaPay’s CEO. “To that end, KPAY has submitted all documents necessary to the Investor’s bank to establish a credit line to facilitate receipt of the $200 million investment.”

READ: KinerjaPay to use $200 million investment for growth, acquisitions

Rio Chandranegara, Wahana’s director of business development, also confirmed the company’s commitment to the funding. "Wahana Group is committed to closing its subscription for the Preferred Stock by accessing several asset bases and resources owned by Wahana Group and is further committed to a long term and mutually beneficial relationship as a strategic partner and shareholder of KPAY," he said.

KinerjaPay CEO Ng earlier told Proactive Investors the $200 million investment would “change everything” for the company which expects to grow in 2019 and work towards a Nasdaq Stock Market listing by 2020.

The American company which started in Indonesia is ready to grow its South-East Asian digital payments and microloans business while evaluating potential acquisitions over the next 12 months.

KinerjaPay’s services include the company’s KinerjaPay IP digital payments and e-wallet system (KPAY) and KinerjaFund (KFUND) microloan service. KinerjaPay’s focus is on regions with large un-banked and under-banked populations, and areas with minimal use of traditional credit cards.

Wahana Group, meanwhile, is a firm whose investments include commercial and residential buildings throughout Indonesia.

Contact Ellen Kelleher at [email protected]

Quick facts: KinerjaPay Corp

Price: 0.1059 USD

OTCMKTS:KPAY
Market: OTCMKTS
Market Cap: $5.28 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of KinerjaPay Corp named herein, including the promotion by the Company of KinerjaPay Corp in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

KinerjaPay CEO says $100 million subscription from Wahana Group is complete

KinerjaPay Corp (OTCMKTS:KPAY) CEO Edwin Ng tells Proactive Investors  that PT Investa Wahana Development has completed a SWIFT transfer of $100 million as part of its equity investment. Ng says the $100 million SWIFT transfer represents the first leg of that investment in the...

on 05/06/2019

3 min read