KinerjaPay receives commitment from Indonesia’s Wahana Group to invest $200M

KinerjaPay Corp (OTCMKTS:KPAY) said Monday that the digital payment and e-commerce platform has received a signed commitment from Indonesia’s PT Investa Wahana Group to invest $200 million

The US-traded, Indonesia-focused KinerjaPay said in a press release that Wahana Group has signed up for $100 million in Series F and an additional $100 million in Series G convertible preferred stock

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Both bear annual dividends of 6%. The Series F stock is convertible into common stock at an average of $1.80 per share while the Series G stock provides for the company to force the conversion at $1.80 per share provided that KinerjaPay shares are trading at $3.50 per share or higher for a period of 20 days beginning six months after the date of issuance. Closing of the deal is expected in about 10 days.

Shares of KinerjaPay climbed $0.01 to $0.20 in Friday’s OTC trading.

KinerjaPay said it plans to use the proceeds to fund its peer-to-peer lending operations, potential acquisitions and strategic investments. The company also plans repurchase its stock in the open market subject to Securities and Exchange Commission rules.

“This investment commitment … will accelerate our growth plan for 2019 as we evaluate several potential acquisitions as well as proceed with strategic investments.” CEO Edwin Witarsa Ng said in a statement.

Based in Indonesia, the company provides a digital payment solution that can be used while shopping online at its marketplace platform.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors