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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

Quick facts: KinerjaPay Corp

Price: 0.0826 USD

OTCMKTS:KPAY
Market: OTCMKTS
Market Cap: $4.12 m
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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

2 min read