Opportunity->
$200m divided by 36m o/s = $5.56
preferred convert @ 1.80
$$$ $KPAY $$$
BOOM! $KPAY -> JAKARTA, Indonesia, April 18, 2019 /PRNewswire/ -- KinerjaPay Corp. a Delaware corporation, (KPAY) (the "Company" or "KPAY"), a Digital Payment and e-Commerce Platform, today announced that the SWIFT transfer in the value of US$100 million from PT. Investa Wahana Propertindo's / PT. Investa Wijaya Pembangunan's (the Investor) Bank has been initiated and the proof of the banking instrument transmission has been received by the Company. This particular SWIFT message transfer will be part of 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.
The Company's representative confirms the transmission of the banking instrument and it is currently being processed by the Correspondent Bank of the recipient bank, which is the bank being appointed by the Company in Indonesia. Upon clearance by the Correspondent Bank, the Company shall expect to receive it over the next week. The Company views this as the beginning of the completion of Wahana's subscription agreement over the near term, and confidents that the funding deal by Wahana Group will soon close.
At the same time, the Company also would like to update its investors that the Company has completed its submission of documents and aptitude tests for its Commissioners and Directors of PT. Kinerja Simpan Pinjam ("PT. KSP"), a fully-owned subsidiary of KinerjaPay Corp., in Indonesia, as part of the main requirements of the Company to obtain Peer-to-Peer License in Indonesia. In doing so, the Company is currently in full compliance with the regulations set by OJK (Financial Services Authority), an autonomous agency that governs, regulates, and supervises capital market and financial institutions in Indonesia. Furthermore, the Company expects to start its lending operation within 30 days and anticipates the lending service to be its mainstream product line.
