JAKARTA (RambuFinance) – KinerjaPay Corp, a Delaware corporation, (OTCQB: KPAY), a Digital Payment and e-Commerce Platform, has announced further progress to securing the subscription proceeds of $200 million in equity funding from Indonesian-based PT Investa Wahana Development / PT Investa Wijaya Pembangunan (Wahana Group).
As previously reported in the Company’s Form 8-K filed on Jan. 8, 2019, the company entered into a binding commitment with Wahana Group for the issuance and sale of $200 million of the Company’s newly authorized shares of Series F and Series G Convertible Preferred Stock (the “Preferred Stock”) for $200 million, which Preferred Stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
KinerjaPay has received Wahana Group’s firm and continuing commitment to closing their funding to KPAY in a timely manner. The initial delay since the company reported the Wahana Group’s subscription for the Preferred Stock was due to the complexity of the United States federal banking regulations in establishing a new U.S. banking relationship to accept a SWIFT for the $200 million in funding from an Indonesian-based investor.
With the close assistance of the Wahana Group, Edwin Ng, KinerjaPay’s CEO and Chairman, stated, “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. 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.”
KinerjaPay has confirmed that the entire process to close the funding should be completed within the next 30 days or sooner, based upon communications between the institution issuing the Bank Instrument and the Beneficiary Bank’s officers.
“We are now pleased with the progress taking place, after unanticipated delays in receiving the Wahana Group’s investment of $200 million, and we continue to work very closely with the Wahana Group to conclude this equity funding. While it has taken longer than our original estimated time to close the transaction and receive the subscription proceeds, we are now moving closer to finalize receipt of the investment from Wahana Group,” Edwin Ng, KinerjaPay’s Chairman & CEO, commented.
Ng further stated, “I believe that 2019 will be a transformative year for KPAY as we launch our P2P platform in Indonesia and continue to invest in high growth areas in one of the world’s fastest growing economies.”
Rio Chandranegara, Director of Business Development of Wahana Group’s PT Investa Wahana Propertindo entity, stated: “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.”
KinerjaPay enables consumers to “Pay, Play and Buy” through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform.
With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. (*)