Maha Capital (MAHA) investor relations material

Transaction overview and strategic rationale

• Announced a transformative business combination with Kyo/Keo World, shifting from a debt facility to a full equity transaction, including a $35M capital injection at SEK 16 per share, a 300% premium to current price.

• Maha will acquire 100% of the QGTC/Keo Latam GTC Program, including all licenses and technology, issuing up to 160M shares, with additional issuances for other investors and warrant holders.

• The transaction is staged: initial $5M capital raise, EGM approval, and dual listing on US NASDAQ, with further $30M capital raise and warrants for institutional investors.

• The program targets high-grade corporate clients in Latin America, the Caribbean, Canada, and the US, offering US dollar-denominated credit cards.

• The business model leverages AI-driven analytics, data monetization, flexible payment terms, and blockchain-based payment rails.

Financial projections and market opportunity

• With $155M in equity and over $120M in cash and liquid assets post-transaction, the platform aims to leverage up to $500M in senior debt, supporting $6B+ in annual transactions.

• Projected annual revenues range from $100M to $130M, with net income potential of $40M to $60M, based on industry-standard margins.

• The global B2B cross-border payments market is estimated at $165T, with $1.6T in formalized B2B transactions and $80B in Latin America.

• The business targets a 1.5%-1.8% monthly yield on receivables, with additional revenue from FX, cross-border payments, and value-added services.

• Market trends show rapid digitalization and migration from cash/checks to digital payments, supporting strong growth projections.

Competitive advantages and operational milestones

• Holds a unique Amex issuing license, enabling US dollar credit card issuance across multiple countries, simplifying corporate payment solutions.

• Focuses on high-quality, low-default corporate clients, enabling access to low-cost senior debt and robust portfolio protection.

• Operational milestones for share issuance are tied to cumulative transaction volumes, with regular market disclosures planned.

• Dual listing on NASDAQ Stockholm and US NASDAQ aims to increase investor access and liquidity.

• The management team brings deep fintech and payments expertise, including former American Express executives.