KWAP in­vests US$30m in Uber

> An ex­cit­ing com­pany that is chang­ing the way the world moves, says pen­sion fund CEO

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Pub­lic sec­tor pen­sion fund Kumpu­lan Wang Per­saraan (Diper­badankan), or KWAP, has made its first di­rect in­vest­ment in a for­eign com­pany, with a US$30 mil­lion (RM123.3 mil­lion) cash in­jec­tion into con­tro­ver­sial ride-shar­ing app Uber Tech­nolo­gies.

The quan­tum of in­vest­ment in was not re­vealed in the joint state­ment con­firm­ing the deal yes­ter­day.

KWAP CEO Datuk Wan Ka­maruza­man Wan Ah­mad said the in­vest­ment is part of its ef­forts to be­come a di­ver­si­fied global in­vestor.

“Uber is an ex­cit­ing com­pany that is chang­ing the way the world moves, and we be­lieve ride-shar­ing has huge po­ten­tial to trans­form the fu­ture of mo­bil­ity,” he said.

Uber’s CEO and co-founder Travis Kalan­ickd said: “We are de­lighted that KWAP of Malaysia, one of the big­gest pen­sion funds in South­east Asia, is in­vest­ing in Uber.

“Malaysia has demon­strated its for­ward-look­ing po­si­tion in em­brac­ing new tech­nol­ogy to help solve trans­porta­tion chal­lenges and cre­ate more eco­nomic op­por­tu­ni­ties.”

Uber ar­rived in Malaysia in Jan­uary 2014 and cur­rently op­er­ates in Kuala Lumpur, Jo­hor Baru, Pe­nang, Ipoh, Kota Kin­a­balu and Kuch­ing.

Uber op­er­ates in more than 400 cities world­wide, in­clud­ing the six cities in Malaysia. Glob­ally, more than five mil­lion trips oc­cur ev­ery day, on av­er­age, sup­plied by over 1.5 mil­lion ac­tive driver-part­ners.

Wan Ka­maruza­man says the in­vest­ment is part of KWAP’s ef­forts to be­come a di­ver­si­fied global in­vestor

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