KinerjaPay scores commitments from deep-pocketed investors

KinerjaPay Corp (OTCMKTS:KPAY), a digital payment and e-commerce company, told shareholders Monday that it had received commitments from several “high-net worth” investors.

The company announced that the investors from Indonesia, Singapore and Malaysia have either signed a term sheet or a subscription agreement for preferred stock.

One of the most prominent investors is Singapore-registered R Way Solution Pte Ltd, which signed a subscription agreement at the end of June.

The company plans to disclose the terms of the deals once it has received the subscription proceeds.

READ: KinerjaPay to receive up to $15 million from Wahana Group as part of $200 million equity private placement

“Right now, we are at the pivotal stage in the major funding of and the positive direction of the Company,” CEO and Chairman Edwin Ng said. “Upon achieving one or more closings with our investors and Bank funding, KinerjaPay will literally be transformed into a profitable and cash-rich Company, fully capable of commencing our planned investment objectives, stock repurchase program and other related transactions.”

The Delware-based company also announced that it has made progress in closing its transaction with Wahana Group. Once KinerjaPay receives a line of credit from a local bank, it can fulfill its convertible stock obligation to the group. Wahana has committed to investing $200 million.

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.

The company’s stock climbed 11% to $0.21 on Monday.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors