PR Newswire October 4, 2018

KinerjaPay Corp. Confirmed the Acquisition of PT. MDU to Expand Its Business Into Mobile Prepaid Market in Indonesia

JAKARTA, Indonesia, October 4, 2018 /PRNewswire/ —

KinerjaPay Corp., (KPAY), a digital payment and e-commerce platform, (“KinerjaPay” or the “Company”) today announced that PT. Kinerja Indonesia (“PT. KI” or the “Company Subsidiary”), had signed Term Sheet Agreement with PT. Mitra Distribusi Utama (“PT. MDU”).

Following the previous news release on June 12, 2018, “KinerjaPay Corp. Announced Its Expansion in to Mobile Prepaid Business in Indonesia,” the Term Sheet has been signed by Mr. Christopher Danil as Director of PT. KI and Mr. Harimin Ginoto as Director of PT. MDU, both parties have agreed and will go through a further due diligence process to explore in more details. The acquisition process is expected to be accomplished by the end of 2018, thus will add more profit and a total sales of USD 39,000,000 to the Company.

As recorded in the news before, PT. MDU has been operating as mobile prepaid top-up data package provider for all telco operators in Indonesia since 2007. With its recent achievement of over $30 million sales in 2017, mainly in selling prepaid top-up balances and data plan for internet usage to Indonesia’s ever-growing mobile internet users, KinerjaPay Corp. is confident that PT. MDU and PT. KI will be able to grow the business stronger throughout the country.

Mr. Edwin Witarsa Ng, Chairman and CEO of KinerjaPay Corp. stated, “We are very excited about this acquisition as we have finally reached mutual agreement between the Company and PT. MDU. This acquisition will transform KPAY’s position in the market to become one of the leading Mobile Prepaid Companies in Indonesia. With the current average transaction volume of more than 2 million transactions per month, MDU will contribute significantly to the total transaction volume and revenue for the Company.” Mr. Ng further commented that, “We look forward to being able to offer all of KPAY’s other products to PT. MDU’s 2 million existing customers.”