In a statement, the company said it is finalizing the receipt of an initial HSBC bank guarantee from Gabriel Capital Ltd, a privately-owned Indonesian family-controlled entity based in Singapore.
KinerjaPay expects the first guarantee over the next week after some delays.
Gabriel has subscribed to $200 million worth of KPAY Preferred Stock, convertible to common stock at $1.80 per share, and when each tranche is drawn, the company will issue Gabriel a proportionate number of shares.
“We feel that we are at the end of this very complex process and look forward to receiving the beginning of this significant capital infusion,” Ng said. “We are excited that other investors agree that securing a monetizing bank has made KPAY an attractive investment."
KinerjaPay said that securing the monetizing bank is the hardest and most crucial part of the process of using this method of financing.
The Jakarta-based company noted that its $25 million non-recourse credit facility with China Construction Bank Indonesia is firmly in place. And the facility has attracted several other collateral suppliers that want to deliver the first $25 million major bank guarantee -- although Gabriel remains the most likely supplier.
KinerjaPay is a micropayments and microloans business offering digital payments and an e-wallet system.
The company's stock recently traded up 25% to $0.10 a share in New York.
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