$KPAY NEWS! KinerjaPay Confirms Timing of Local Banks Monetization of Recently Received Bank Guarantee From the Wahana Group
8:00 AM ET 5/23/19 | Dow Jones
JAKARTA, Indonesia, May 23, 2019 /PRNewswire/ -- Subsequent to a meeting with the lead bank of the local banking syndicate, KinerjaPay (OTCQB: KPAY) expects to begin receiving the funds to start its investment program by the end of May and to continue through the next several months. The lead bank said to expect US$10-15 million of the funding of the recent bank guarantee to be in the Company's Bank Account by the end of May or first week of June. These funds are to be received under the series F and G convertible preferred equity private placement signed by the Wahana group in January 2019.
In the process, the Company has submitted and completed all documents required by the lead bank to obtain the banking facility for the acquisition of projects it will undergo. KinerjaPay is also continuing to work with the local banking syndicate to receive the rest of the co-funding monetization from the $100 million SWIFT Bank Guarantee from the Wahana Group throughout June and July.
Mr. Edwin W. Ng, CEO of KinerjaPay Corp. (OTCQB: KPAY) stated, "We are looking forward to receiving the cash to start our expansion and investment program. We expect to receive several other bank guarantees in the near future from Wahana Group to finalize their $200 million subscription agreement. This equity funding which will start at the end of May or early June will allow the company to complete the acquisition of the Mobile Prepaid Distribution firm and the expansion of its eCommerce and B2B businesses. The company also intends to start making its strategic investments and its stock buy back as the funds are received."
About KinerjaPay
KinerjaPay enables consumers to 'Pay, Play and Buy' through its secure web portal and mobile applications. Based in Indonesia, the Company provides 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.
