KinerjaPay (OTCMKTS: KPAY), a US-listed Indonesian digital payment and e-commerce platform, expects to receive a $22.5-million bank guarantee this week from Gabriel Capital, a privately-owned, Indonesian family-controlled entity based in Singapore.
In a statement, KinerjaPay said the non-recourse credit facility will be accessed by the company utilising the Gabriel Capital HSBC bank guarantee. It was supposed to be issued in the last week of October but was delayed due to adjustments to the total amount.
“The delay has been due to administratively adjusting the amount of the initial HSBC guarantee dollar amount to match the initial credit facility provided by China Construction Bank, Jakarta,” the company said.
KinerjaPay will draw down the guaranteed net proceeds of $22.5 million in three monthly tranches of $7.5 million. Upon each draw, the firm will issue Gabriel a proportionate number of shares of Series F and G preferred stock.
KinerjaPay is a digital company running a web portal and mobile application that provides payment solutions while shopping online at its marketplace platform. It became the first Indonesian e-commerce company to be listed on the US OTC Market.
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