As previously announced, the Wahana Group has signed up for $200 million in Series F and Series G convertible preferred stock as part of a private placement in KinerjaPay. The stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
The $10 million to $15 million SWIFT transfer, to be executed at the end of May or the first week of June, is the first installment of a $100 million guarantee from Wahana Group that KinerjaPay announced earlier this month.
READ: KinerjaPay rockets after Wahana Group initiates $100M fund transfer as part of equity investment
The Delaware-based digital payment and e-commerce platform said it is working to get the rest of that $100 million -- which is the first major leg of Wahana Group’s $200 million investment in KinerjaPay.
"We are looking forward to receiving the cash to start our expansion and investment program,“ said CEO Edwin Ng, adding that the company will use equity investment to complete the acquisition of a mobile prepaid distribution firm and the expansion of its ecommerce and B2B businesses.
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 that don’t use traditional credit cards.
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