JAKARTA, Indonesia, March 23, 2020 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY) reported that the Company has incurred additional costs for the issuance of the MT-799 Bank Guarantee. This has delayed the receipt. Mr. Edwin W. Ng's (Chairman & CEO of KinerjaPay) recent $1 million equity infusion into the Company has enabled the Company to handle this burden. Recent changes in the issuing Bank's Compliance Department has increased the cost of issuing the guarantee. The Company is paying these costs. The Company's Investor, Infinity Venture Capital Pte Ltd., a Singapore-based corporation, has advised that once these costs have been covered, their Bank will issue the Bank Guarantee for $25 million to our local bank.
The Company has an established line of credit with China Construction Bank, Jakarta for US$25 million. Mr. Ng said: "This process has taken significantly longer than anyone could have anticipated. I am convinced, as evidenced by my own investment, that we are finally at the end of a lucrative process for our shareholders. I expect to receive the Bank Guarantee by the end of March, 2020." Infinity has confirmed their investment through the already announced Convertible Preferred, which is convertible at $1.80/share.
About KinerjaPay
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an 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. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
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Monday, Jan. 27, 2020: KinerjaPay (KPAY: OTCQB) Expects to Receive Bank Guarantee of $30 Million
Link: https://www.prnewswire.com/news-releases/kinerjapay-corp-kpay-otcqb-expects-to-receive-bank-guarantee-of-30-million-300993424.html
Jan 27, 2020, 08:30 ET KinerjaPay Corp (KPAY: OTCQB) Expects to Receive Bank Guarantee of $30 Million. This is a vital development prior to Activating its $25 Million Credit Facility.
JAKARTA, Indonesia, Jan. 27, 2020 /PRNewswire/ -- The Company's representative confirms today that its local bank in Jakarta, Indonesia, China Construction Bank, Jakarta will receive a SWIFT transmission of a $30 million, Bank of China, MT-799 within this week currently being scheduled on January 29th, 2020. The MT-799 is a pre-advice transmission alerting KinerjaPay Corp's bank to accept a final transmission of the actual Bank of China MT-760 bank guarantee. The terms of our non-recourse, $25 million credit facility allows the Company to draw down a net $22.5 million evenly over three months. The first drawdown should be within days of the receipt of the MT-760. We expect to receive the final MT-760 within a short period after the banks reopen after the Chinese New Year holiday break. The MT-799 will be sent on behalf of Infinity Venture Capital Pte. Ltd., a Singaporean based corporation owned by Indonesian investors. On January 22, 2020, Infinity executed a $200 million subscription agreement for a series of convertible preferred which converts into equity at $1.80/share with a 7% annual dividend. This convertible preferred has no anti-dilution rights. Upon receipt of the first $22.5 million, the Company will deliver the same value of the convertible preferred series mentioned above. It is Infinity's intention to deliver the remaining $177.5 million in the same manner, as fast as the Company's bank will increase the credit facility to lend on non-recourse basis versus these guarantees.
Mr. Edwin W. Ng, CEO of KinerjaPay Corp. (OTCQB: KPAY) said: "We are excited to finally conclude our negotiation with our Investor to receive the Bank Guarantee that we need to begin the first equity round under the credit line process. We have gone through an extensive education to finally reach our goal of using these bank guarantees to fund our KFUND lending operations, as well as other uses that we have previously disclosed. We are still awaiting Gabriel Capital Ltd.'s right sized bank guarantee. They have been having trouble breaking up their commitment into guarantees smaller than $100 million at a time. We are also in advanced discussions with several other groups to send MT-760 guarantees acceptable to our bank. We are gratified that Infinity believes enough in KPAY's ecommerce and lending platform such that they committed equity at a substantial premium to our currently traded stock price. They agree we have a bright future! With the proceeds of the investment, we intend to pay off our convertible debt, which has been depressing the stock price, as well as advance our previously announced stock buy back program. We believe the Company's year-long attempt to raise substantial equity is nearing its end."
About KinerjaPay
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an 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. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com
Kinerjapay Indonesia Received the Nusantara Platinum Award 2019
The struggle to achieve success is not easy. It takes hard work with all of the capabilities that exist - both in themselves and the management company. The top of the long struggle becomes pride, honor and at the same time triggers greater enthusiasm as the driving force for more excellent achievements. On Friday, 22th November, 2019, the Nusantara Platinum Award organization held an awards ceremony at Lumire Hotel and Convention Center in Central Jakarta for companies, schools and many other fields as a form of appreciation. The Nusantara Platinum Award is one of the awards from research and assessment carried out by Bangun Indonesia With Love Foundation, to continuously showcase the outstanding children of the nation to be rewarded for their dedication, performance, credibility, and loyalty. This award was not missed by PT Kinerjapay Indonesia, which received an appreciation award as “The Leading and Innovative Digital Payment Service Provider in Product Quality and Satisfying Service Quality 2019”. And with this award, we hope that PT Kinerjapay Indonesia can become one of the e-commerce which can provide all the needs of the community and government in electronic system services, and as a payment gateway that can meet all the needs of the community. NEWS OUT: Monday, Nov. 25, 2019: KinerjaPay Corp Notified Its Peer-to-peer Lending Platform in Indonesia Will be Permitted in Early December, 2019
Link: https://www.prnewswire.com/news-releases/kinerjapay-corp-notified-its-peer-to-peer-lending-platform-in-indonesia-will-be-permitted-in-early-december-2019-300964397.html
"JAKARTA, Indonesia, Nov. 25, 2019 /PRNewswire/ -- KinerjaPay Corp., through its newly formed Indonesian subsidiary, PT Kinerja Sukses Gemilang (PT.KSG), announced that it has been notified that its lending permit to operate as a microloan lending platform for individuals as well as Micro, Small and Medium Enterprises (MSMEs) will be issued in early December 2019. All such platforms in Indonesia must be registered by the country's Financial Services Authority, known as the OJK. The notification came as a result of the company successfully passing the fit and proper test as well as conducting a live demo of the application and platform last week." (Please refer to the KinerjaPay Corp. press release dated Monday, Nov. 25, 2019 for its full contents. Click on the hyperlink [above] to connect to the press release.)
NEWS OUT: FRIDAY, NOV. 8, 2019: KPAY Update: Financing Process Almost Complete https://www.prnewswire.com/news-releases/kinerjapay-corp-update-financing-process-almost-complete-300954831.html
NEWS OUT: OCTOBER 23, 2019: SEC Form 8-K filing by KPAY: https://ih.advfn.com/stock-market/USOTC/kinerjapay-corp-KPAY/stock-news/80978645/current-report-filing-8-k
NEWS OUT: OCTOBER 23. 2019: New KPAY Press Release: https://www.prnewswire.com/news-releases/kinerjapay-corp-kpay-successfully-negotiated-an-initial-25-million-non-recourse-credit-facility-with-its-local-bank-300943785.html
KinerjaPay Corp. (KPAY) Successfully Negotiated an Initial $25 Million Non-recourse Credit Facility With Its Local Bank
- Gabriel Capital Ltd. will provide a Major Bracket Bank guarantee underlying the KPAY Credit Facility
- Gabriel also subscribed to $200 million of KPAY Preferred Stock, convertible at $1.80 per share
JAKARTA, Indonesia, Oct. 23, 2019 /PRNewswire/ -- KinerjaPay Corp., (OTCQB: KPAY), has successfully concluded negotiations with its local bank, China Construction Bank Indonesia (CCBI), which will provide the Company with a $25 million, non-recourse credit facility. This credit facility will be accessed by the Company utilizing the Gabriel Capital Ltd. ("Gabriel") HSBC bank guarantee, the draft of which has already been approved by the Bank's Credit Committee. Gabriel is a privately-owned, Indonesian family controlled entity, based in Singapore. The final HSBC bank guarantee for $25 million is expected to be received in KinerjaPay's account with CCBI within the week. Upon delivery of the collateral, KinerjaPay will draw down the guaranteed net proceeds of $22.5 million in three monthly tranches of $7.5 million commencing within 48 hours of receipt of the final bank guarantee. Upon each draw, KPAY will issue Gabriel a proportionate number of shares of Series F and G Preferred Stock under Gabriel's executed Reg S Subscription Agreements, based upon the net subscription proceeds. Gabriel intends to continue delivering such guarantees until the full $200 million is received under these Subscription Agreements.
CCBI will fund on a non-recourse basis supported by the collateral underlying the Gabriel guarantee. In effect, Gabriel is making an equity investment in KinerjaPay Corp.'s Preferred Stock, which is being issued in consideration for Gabriel's guarantee. The Series F Convertible Preferred Stock is convertible into shares of Common Stock at an average of $1.80 per share. The Series G Preferred Stock provides for KPAY's sole right to affect the conversion into Common Stock at $1.80 per share provided that the KPAY shares are trading at $3.50 or higher for a period of 20 days commencing six months after the dates of issuance of the Series G Preferred Stock. Gabriel, however, does not have the right to elect to convert the Series G Preferred Stock at its option.
The Company's Chairman and CEO, Mr. Edwin Ng commented, "We are extremely pleased to have completed the negotiation process with the local Bank for the non-recourse credit facility. We are also very fortunate to be supported by Gabriel Capital Ltd.'s equity investment in KPAY's Preferred Stock, shares of which shall issued upon receipt of the final HSBC bank guarantee. We have put in place an equity financing structure to enable KPAY to be at the forefront of Indonesian growth in key business and financial sectors." Mr. Agoeng Noegroho, the Chief Investment Officer of the Singapore-based Gabriel Capital Ltd. stated "We view our $200 million investment commitment, of which this first tranche of $25 million will close upon the delivery of our collateral, as evidence of our belief in Indonesia's growth and KPAY's ability to invest in exciting US technologies suitable for integration into the rapidly growing South East Asia economy."
About KinerjaPay
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an 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. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
https://www.kinerjapay.co/ and https://www.kinerjapay.com/ Due Dilgence Article on KPAY.
CEO Interview Proactive Investors January 22 2019
https://www.youtube.com/watch?v=KaionHedxHI
http://psinvestor.com/kinerjapay-otc-kpay-explodes-higher-on-news-of-200-million-investment-from-indonesias-wahana-group/ Key Investment Considerations - $200 Million Invesment - Wahana Group - Expected to close by 1/18/19
- 3.18 million shares in Float
- MDU acquisition = $39+ million in Revenues (update CEO says $60m to $70m annual revenues)
- $5m share buy back plan
- Typical SaaS Company trades at 6X
- Fair Value is $39 mil Rev X 6 = $234 market cap = $10/sh (updated valuation $70m x 6 = $14) just based on MDU acquisition
- 23.34 mil Issued and Oustanding
- Pathway to NASDAQ Uplisting CEO confirmed by June 2019 possible uplisting
- Aggressive M&A ($150 mil Reserved) 