Proactive Investors - Run By Investors For Investors

KinerjaPay: Wahana Group completes $100 million fund transfer as part of equity investment

Shares of the Delaware-based digital payment and e-commerce platform jumped more than 22% following the announcement
digital payments
The company, which started in Indonesia, plans to grow its South-East Asian digital payments and microloans business

KinerjaPay Corp (OTCMKTS:KPAY) stock jumped more than 20% Thursday after announcing that PT Investa Wahana Development completed a SWIFT transfer of $100 million as part of its equity investment.

As previously announced, the Wahana Group has signed up for $200 million in Series F and Series G convertible preferred stock. KinerjaPay said the stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.

The $100 million SWIFT transfer represents the first leg of that investment in the Delaware-based digital payment and e-commerce platform.

KinerjaPay’s stock recently traded at $0.63, up 22% following the news.

READ: KinerjaPay hires financial advisor Angela Wong as new chief corporate strategist

“Once the funding process is complete, we will conduct our stock buyback and complete the strategic acquisitions that have been announced,” said CEO Edwin Ng. “KPAY's growth plan will be greatly accelerated."

The American company, which started in Indonesia, plans to grow its South-East Asian digital payments and microloans business while evaluating potential acquisitions over the next 11 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.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

View full KPAY profile View Profile

KinerjaPay Corp Timeline

Related Articles

Rail car on a track
July 26 2018
The US has more than 1.5 million freight cars and Duos Technologies has found a faster and innovative way to safely maintain them
Internet address bar
Fri
In a February trading update, the firm said it had delivered a “strong” performance in 2018 with revenues for the year expected to be around £42.5mln compared to £24.3mln the year before
1543399827_shutterstock_130609865.jpg
November 06 2018
it aims to become one of the leading firms within the health benefits industry in Canada and to launch in the US and globally
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use