KinerjaPay Corp., a digital payment and e-commerce platform, announced on Thursday (Oct 4) that PT. Kinerja Indonesia had signed Term Sheet Agreement with PT. Mitra Distribusi Utama (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 US$39 million 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.

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, said Edwin Witarsa Ng, Chairman and CEO of KinerjaPay Corp. PT. MDU has 2 million existing customers.