I was right on the Series C. All related to PT MDU. And after all this time, we finally find out now.
On October 4, 2018, the Company entered into a Preliminary Share Sale and Purchase Agreement between PT Kinerjapay Indonesia and PT Mitra Distribusi Utama (“PTMDU”) to acquire PTMDU for Rp40,000,000,000 or approximately $2,758,621. However, during the negotiations regarding the terms to complete the acquisition between the parties, there were several unresolved issues of which mutual agreement could not be reached, which prompted both parties to finally agreed to terminate the process of acquisition amicably.
On November 2, 2018, the Company filed a registration statement on Form S-1 for the purpose of offering a total of up to 300,000 shares of its 11% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”), at an Offering price of $25 per share. If the Offering is successful, of which there can be no assurance, the gross proceeds will be $7.5 million. The Company’s intention is to have these shares of Series C Preferred Stock subject to quotation on the OTCQB. Due to the termination of the PTMDU acquisition, on October 30, 2019, the Company withdrew its registration statement.
