OxPay Financial extends deadline for PT Diners Indonesia investment deal

OxPay is looking to invest $1.5m for a 45% stake in PT Diners.

OxPay Financial has extended the exclusivity period for its proposed investment in PT Diners Payment Indonesia to 31 July.

The company said in an announcement over the weekend that the extension will give OxPay more time to perform the due diligence and to negotiate the definitive agreements for its proposed investment in the Indonesian firm.

In November 2023, OxPay announced that it is investing US$1.1m ($1.5m) for a 45% stake in PT Diners Payment Indonesia, a company primarily serving as an agency for the country’s Discover and Diners Club, and engaging in merchant acquiring payment processing businesses.

The SGX-listed firm said the extension does not affect other terms and conditions in the original agreement or the term sheet.

Last month, Oxpay secured a $2m convertible loan facility from Oxley Capital Management, owned by its controlling shareholder, Ching Chiat Kwong.