Business & Economy Startups KinerjaPay signs agreement to receive US$200M investment from Wahana Group

KinerjaPay signs agreement to receive US$200M investment from Wahana Group




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PT Investa Wahana Development or Wahana Group from Indonesia reportedly has committed US$200 million in the digital payment and e-commerce platform

Indonesia-based digital payment and e-commerce platform KinerjaPay announces a signed agreement between the company and PT. Investa Wahana Group, with the latter committed to investing US$200 million.

The breakdown of the fund would be a subscription for US$100 million in shares of the Company’s Series F and an addition $100 million in shares of the Company’s Series G Convertible Preferred Stock.

Also Read: Southeast Asia-based early stage venture fund East Ventures appoints its first female partner

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KinerjaPay shared its plan to fund the company’s peer-to-peer lending operations, potential acquisitions, and strategic investments in Indonesia as part of their expansion plan for 2019. The fund will further be used to allocate a certain portion of the subscription proceeds to repurchase KinerjaPay’s stock in the open market, subject to the rules and regulations of the SEC.

“This investment commitment should transform the company into a significant market presence in our e-commerce and peer-to-peer lending operations, principally in Indonesia,” said Chairman and CEO of KinerjaPay, Edwin Witarsa Ng.

For 2019, the company that also trades in United States will expand into prepaid mobile business, P2P lending, mobile payment solutions, online gaming, and e-commerce services initially in Indonesia’s growing economy and expanding in Southeast Asia. The company also intends to make investments in certain related industries in other foreign countries.

The Series F Preferred Stock of KinerjaPay bears a dividend of 6% per annum, is convertible into shares of the Company’s Common Stock at an average of $1.80 per share.

Also Read: Indonesia’s online media company IDN Media secures Series C funding round from EV Growth

The Series G Preferred Stock also pays a dividend of 6% per annum and further provides for the Company’s right to force the conversion at $1.80 per share, provided that the KinerjaPay shares are trading at $3.50 per share or higher for a period of 20 days commencing six months after the date of issuance of the Series G Preferred Stock.

The signed agreement is expected to close within the next ten days.

Photo by lucas Favre on Unsplash

The post KinerjaPay signs agreement to receive US$200M investment from Wahana Group appeared first on e27.

Source: E27

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