Maha Capital AB (publ) ($MAHAA)

[Foreign Language] So it's a great pleasure to introduce Paolo Fidanza, Chairman of Maha Capital, and of course, welcome back, Roberto Marchiori, the CEO of Maha. So Paolo, take it away.

Thank you so much. It's my pleasure to be here. Paolo Fidanza, I'm the founder of KEO World, Inc., and now I'm the Chairman of Maha Capital AB.

Thank you, Kaarlo. Very nice to be here again with you guys. Thank you, Paolo. I am Roberto Marchiori, the CEO of the company.

So today, we're here because we want to give you some more color regarding our corporate restructuring that we announced on Monday. So I'm going to share with you some slides to go through this [indiscernible] for the company. Today, the company, what you see in Maha Capital, is the result of a merger between Maha Capital, the common equity with the interest in the oil and gas, and KEO World, Inc, the fintech business. So these are 2 divisions now within the group. There are totally different objectives, there are totally different markets, with great prospects, extremely positive, but they need to be treated as 2 different businesses. So the decision that we made within the group was to be able to segment the 2 businesses into 2 different subsidiaries so that each one could pursue its business independently with an assigned team, with an assigned brand to give them the best opportunity to succeed and to develop and to fulfill the business plan [indiscernible]. So on one side, we now have KEO Capital. KEO Capital now is our Fintech. It's a business that I founded. It's a business that has been thriving across the Americas and which needed a different capital structure to be able to fully exploit the potential and the market that we created. So we'll give you more details on this in a second, but the business will stay, will be branded as KEO Capital. So that is the company we continue using the brand that is very, very well known across the Americas within the B2B community, thanks to all the transactions we've done over the years that now is growing in more markets. On the other side, we have our subsidiary [indiscernible] to which we are reassigning all the rights over our Venezuelan PedroUrdaneta field in our venture with PdVSA in which today we have a 24% stake in the joint venture with an option to purchase a 16% additional stake. This company, due to the geopolitical situation, we are now allowed to operate this field under General License 52, the [ operating ] license issued by the United States to American companies. So it is a branding, not only it's making sure that we do not [indiscernible] the 2 divisions, so we can [indiscernible] operate completely independent businesses that have a completely different market and expertise, but also we are Americanizing this company as because it is an American company, it needs to be an American company for the [ operate ] license and it operates in the United States and in Venezuela. By rebranding this KEO Energy, we keep the heritage. KEO was and it is an American company, born in Miami, founded in Miami, headquartered in Miami. KEO Energy, the headquarter will be [indiscernible] in Miami, we are relocating the headquarters in Miami with offices in Caracas. So by giving this planning, we Americanize the company, and it also is in line with actual business of the company. It will be based in the United States operating in Venezuela. So this way, as you see the group, the main company, we're now planning, as approved by the AGM in January, to rename Maha Capital to KEO Capital AB. This is a great brand that we built over the years. Also, maybe some of you don't know, but the Maha brand has some issues when you go down to the Americas because, unfortunately, it's associated to a slogan, Make America Healthy Again. that is not really correlating to our business. So the change of brand is also repositioning correctly our business to be at the moment, an Americas focused business for the fintechs and the energy [indiscernible] was built over 6 years now demonstrating innovation and success. So this will give us a fresh [ brand ] that is more appropriate in correlating to the actual business. More importantly, is completely segmented into the 2 divisions, making them completely independent. On the side of fintech, we maintain all our cash position to be able to maximize the results as previously discussed and the investment thesis that was presented already to all the shareholders that we'll reinforce in a second. On the other side, we are now considering, as we have announced to the shareholders, a spin-off and direct listening of the -- of our subsidiaries on the U.S. market, on a public market. And as part of this, we are considering all options to do including a PIP raise to fund it. We want to make sure that both divisions, they will have the proper funding to be able to fulfill at its best business plan and to provide the best [indiscernible] for the group. So one side will have a fintech with a net cash contribution of $150 million as presented by the CEO. On the other side, we'll do pre-IPO finance round or any other financing structure that is appropriate for the business to then provide the same -- the amount of capital that is required to fulfill the business plan. Now coming down to fintech, I want to transmit to you the passion that is in this business. First of all, I want to thank Roberto for being an amazing CEO. The business that I founded in 2020, we're innovating. We created a lot of technology, and we started a new market. We started [indiscernible] into what we call the B2B transaction award. So looking at all the stats, is between [ $153 trillion to $253 trillion ] a year, this market of payments between businesses. When you go and look at KEO, KEO Capital, the real innovation is not just about giving credit. It's also about digitalizing the experience in the way that these companies transact, making it much more efficient. We give much more value than just a credit. We give them a platform that allows them to be more efficient to manage their payments as well as getting credit on that. So there is a lot more than just a [indiscernible] for businesses [indiscernible]. Here, we actually streamline the process of paying an invoice and then add a credit component to that. This company that I founded was thriving in Americas, but had a big issue. The issue was I didn't have the capital structure to be able to expand it and to make it more profitable. With this merger now today, Roberto now has the proper capital structure, has enough equity that he can then leverage to them be able now to expand it several [indiscernible] that we have across all the regions, across the 2 platforms, our work here that is our B2B working capital solution and our global trade card that is for our cross-border transactions. Now we are able to take over this market. Now we are able without a border. So with limited funding at KEO, we've been deliver over $1 billion in transactions in Mexico alone. And without having very little facility and very expensive. Today, Roberto is leading the company in a way with a new capital structure, with the new organization that he put in place to take full advantage of this huge market. This is a huge market. It's a huge market, is untapped. And we are the first one in the [indiscernible] and we expect to do very good in this market. So I feel very excited by the prospects in this company. And [indiscernible] I'm an inventor. I love solving problems, I start up the company. But the company now needed also a good structuring. We needed now to be ready to scale up. We proved the market, we proved the technology. We proved the adoption. We've got American Express supporting us, a great partner, an amazing partner. We have a number of high blue-chip clients using the platform. But then we needed now to go from a start-up to a grown-up company. And then this merger allowed us now to be a grown-up company. It allowed us to do the right structure. Roberto and the team now managed to put all this process in place, and I cannot wait to see the Q2 results and start seeing the growth of the company. So we feel extremely positive on all our story. We're thinking about technology. And I want to stress this again, because sometimes it doesn't come across correctly in [indiscernible]. We have [indiscernible] that we created. We developed our own proprietary payment rates that allow us to connect buyers, sellers [indiscernible] instant payments, cross-border instant payments. We have our own property stablecoins and tokens. So it's an amazing technology that we're going to start to deploy in some key markets. So there's going to be in the next -- you would see in the next quarter or the quarter after a number of developments in the company as we push our technology out and our rollout, also our [ property ] network. This is, I'm sure you see a lot of news regarding stablecoins. Well, we have our own proprietary -- we have our proprietary patent pending, complete network. We're the first one to deploy this. And it's really exciting and really look forward to the team in Roberto being able to push our technology and give a lot of benefits to businesses. The key here, that we're giving a great service to businesses. We allow them to manage the invoice payments in a much more efficient way to give them very efficient credit solution so we give them an opportunity to grow. We finance the inventory. They can sell more. When they sell more, they can make more profits, they employ more people. They have an impact on a lot of society. So it's a very impactful solution. It's a beautiful program. And this technology will allow us to really go global because we are now not limited on barriers. I want to give you some numbers. I know you already saw this with Roberto presenting it, but I just want to make sure all the shareholders understand the strength in the company. These numbers are from the premerger. So premerger, you can see it's been an approach on the portfolio on the average outstanding, so we're already on our growth [ order ]. And now post merger, we actually have the full funding available for the company, we have now an opportunity to operate along the markets. So now the team at Roberto has taken on an already growing business with all the tools to make it explode. So that's why I wanted, again, to remind all our shareholders, it is a solid business in the fintech, a business that started in 2020. It's not a new business, a business that has already proved its ability, a business that is associated with American Express. We have [indiscernible] fintech issuer. So it's a great business. It's a business that's performing. And I expect from the next quarter to be able to see great results going ahead. I trust the team on the growth of the business. I also want to stress something again, Roberto presented this. But it's amazing when you look at the performance of the company, actually if you remove the nonrecurring items, it's a profitable company. There's -- we have agreed that is, again, a solid business, a solid company that is being run properly. And I just wanted to get this opportunity together representing the rebranding and the focus that we have on each division, but also to give you -- stress again the fact on how this company is being managed with very diligence to make sure that all shareholders, we maximize the value for all of us in this company. So again, I want to thank the team for doing a great job and I trust them to obviously taking this to the future more and more. Next one, please. Now I want to switch a little second to the oil and gas division, we proposed KEO Energy. So this will be a totally different spinoff. We plan and we are investigating the best way to distribute the shares of the spin-off to the shareholders in an efficient way, so to maximize the return for all the shareholders. So this company will not be sold or spin off to put money into the company. It will be a direct distribution to the shareholders in a most efficient way. We are investigating, that's the direction of the Board, no definite details yet. As soon as we have, we'll communicate to you. But it's intention, the strategy of the Board is to maximize the distribution and the return for our shareholders for this division. As also mentioned, this division, we will do a pre-IPO financing round or an equivalent capital raise that will allow us to fund it probably. Because also in this case, on the energy side, we have an amazing opportunity. The PedroUrdaneta field, you see, is a [indiscernible] was producing 240,000 barrels per day. There is an expectation we could get 200 million barrels more out of production [indiscernible]. So it's a great asset. We now have -- we have released, we covered, we can operate under the General License 52, the offer license, so will allow us to operate. We are now in process of negotiating with PdVSA the operating agreement and will allow us to actually start operating the field. That's why in parallel, we've been in this process of spinoff to make sure that we have 2 [indiscernible] divisions that will be operating the 2 businesses, without [indiscernible] one and the other, and also 2 very different sectors, energy and fintech. But this is again, it's an amazing asset that the company has, and it will be an amazing return and additional value for all the shareholders. This one, just to give a quick outlook to say the real potential on this reserve. If you look at the potential, but just by upgrading the infrastructures, as you all know and you may know, but Venezuela has been [ degraded ], although they have the largest proven reserve, oil reserve in the world, the largest, more than the United States, mora than Saudi Arabia, more than UAE, the largest in the world. They have been degrading all their infrastructure. So the oil production, for example, in our field, from 240,000 barrels a day is now currently 1,500 barrels a day, because there have been no investment. So by simply going in and starting changing and investing in the most basic infrastructure like lifting capacity, we'd be able to quickly ramp up again production to 10,000, 15,000, and eventually 40,000 barrels a day. And we have obviously a very long license that will allow us to start to -- we have another 13 years and then an option to renew another 15 years more. So it's a great project, but also a long-term project will allow us to invest and generate significant returns over time. So today, I wanted to give you more color on this organization, making sure that all the shareholders could really understand our direction, what rebranding, what the restructuring, understand that these are 2 different companies, so this a Fintech division and an Energy division that is 2 different teams managing these 2 companies. There's no mix in between them. There's no mix in capital. We [indiscernible] the current cash position is dedicated to the Fintech, and we will now raise additional capital to fund Energy division. Energy division will be spin out -- spun out and distributed to the shareholders under the best structure that we can. So we make sure that we consider all the implication for the shareholders for all these [indiscernible] shareholders [indiscernible] shareholders, European shareholders, American shareholders and South American shareholders. So from where they are, we're trying to find the best solution to accommodate them all. And then we proceed with that so that you will then be able to get shareholders in 2 amazing companies. They will share a name, the KEO, and a heritage [indiscernible] innovation and passion they will have in this. So I think with this [indiscernible] we finish already to take questions.

Well, thank you for that, Paolo. Very interesting. And we'll now open up to questions. And I'll remember everyone who watching that we also have the CEO, Roberto Marchiori, ready to answer questions. And we received a lot of questions ahead of this due to the press release. But I will just kick off with which I think is a yes or no question from one of the viewers, a live question here, is the company [ K-lab AI ] related to KEO Rails in any way?

I wouldn't -- no, it's not related. It's a totally different company.

Exactly. So I thought. So let's go into SPAC and listing here. The [ Bluewater ] acquisition termination cited regulatory environments and time line hurdles. Was the friction the OFAC GL 52 compliance specifically? Or was it SEC registration of the Venezuela exposure or SPAC side trust redemptions.

No, it wasn't due to any [indiscernible] it was just like a normal type of transaction. We signed that nonbinding LOI, but we started analyzing all the components and all the processes, we realized that wasn't in our best interest to proceed with the transaction. That's why we stopped it. And then I think it was also was a very wise choice given today's strategy is not to do a [indiscernible] for the whole group, but just to spin out a division. The division could be a direct listing or a SPAC deal. We don't know. As we said, we're considering all the capital structures for the division. But then we'll minimize the dilution for the shareholders so there is not going to be a dilution at the group level. If there will be any, would be just on energy, if we will go to a SPAC [indiscernible] under our existing capital raise. So Roberto, do you want to add anything, please?

Just to remember, I think there's also a question if there's any diligence appointment [indiscernible] there's nothing related to that. It was a mutual agreement. And we decided by not reaching the main terms of conditions to postpone the discussions and cancel the LOI.

And I will continue here with the, well, a technical question here. What makes a self-managed direct listing of KEO Energy easier to execute than the [ DE SPAC ] of those same regulatory grounds.

We don't know yet. So we mentioned the listing. It could end up being a SPAC. We're just looking the best option to split out the subsidiary. So we will evaluate all options, and we'll make sure that we choose the best option for all shareholders. So our idea is to maximize shareholder value and to make the 2 businesses independent.

And I will continue here with the listing question, and for you -- for all of those of you who are writing in questions here regarding the Energy side, I will take those when we have the Energy questions coming on a little bit later, so be patient. The KEO Energy spin off and the Nordic shareholders would be the title here. Regarding the planned distribution in kind and the U.S. listing of KEO Energy, and I'm quoting here, many Nordic shareholders hold their share in tax-advantaged account typical to Sweden with restrictions. How will management structure this spin-off to ensure retail and professional investors in the Nordics do not face severe technical frictions when receiving these U.S. shares?

So all our shareholders are our priorities. So obviously, our Swedish and Norwegian shareholders are very important. We are engaging [indiscernible] professionals to advise us on the best way and the best option to make sure that we can satisfy all the shareholders' requirements. So we will prioritize making sure we accommodate as best that we can all the shareholder requirements. That's our priority. We operate as this company on behalf of the shareholders.

And when will it happen, the first listing? Would that be during 2026?

We are working on this. We can't give an exact time scale because, unfortunately, it's not dependent by us. We started the process. So we're going through the selection process. We decide on the right capital structure, we decided on the market. As we said, we want to put in the United States, but there could be a number of ways. Direct listing is obviously our main objective, why it ends up being a SPAC [indiscernible]. So we're looking at this now and we are going to obviously move as fast as we can. Our ambition is for this to happen very fast, so in the -- not in weeks, unfortunately, but in months. But we can't give an exact date. But we'll target to make them as fast as possible so the 2 businesses are independent. So our commitment within whatever is feasible, then we're going to be the fastest.

And it takes 2 to tango there. And I believe that will answer the next question here from a viewer, is what U.S. market you will be listed on? It's to be to be continued, I take it. Or have you already focused on anyone there?

Well, we're looking at the last [indiscernible] being the main target, is a market that we like, we understand. But also the New York Stock exchange is obviously the biggest market in the world. So the U.S. is home to the 2 biggest, largest markets. So we're looking at those markets.

And then we have something about -- well, focusing on funding of the energy. And I believe you answered that on one slide. But how is the Fintech business funded through to the Energy listing? My understanding is that it will be split off and that the Fintech business will be funded by itself. Or did I misunderstand that?

No, that's correct. So our plan is to retain the cash position for the fintech. So balanced position has been shared, 140, 150. I don't want to mention the numbers, that's Roberto's job. All that is dedicated to the Fintech business. That is there because, as we explained to you, we got this beautiful machine. We can generate high-quality [indiscernible] this credit that we finance to medium to large enterprises on a recurring basis with a very high yield. So that's, I call it like a machine to make money. It's a beautiful machine. So it needs feeding. The feeding is coming from the funding. On the Energy side, a spinning off is giving us an opportunity to conduct a capital raise. We're already in discussions with many, many investors, many options. We are going to decide which way is the best option to maximize shareholder value. So that, obviously, to get the biggest [indiscernible] we can, minimize dilution and get access to the capital that the division needs so it can also fulfill its full business plan. So the result is we'll have 2 companies, one funded, with amazing prospects and the shareholders will have a double win because we'll have shares in -- yes.

Basically, because we have a question here about dilution, but basically, if you're a shareholder today of Maha Capital, tomorrow you will be a shareholder of the 2 -- well, 2 different companies here. So there won't be any dilution. You'll just get a clearer picture of the value of the company. Would that be a way to interpret it?

Absolutely, yes. Today, the way that I would represent is like you get a bonus. Today you invested into Maha Capital on the basis of the fintech business plan. Now the fintech business plan is going ahead with the full funding. Nothing has changed. If anything, you can see from the results, it is already a growing business, a solid business. What has changed is even the thesis was presented before, the merger is also being corroborated by the current results. On the other side, it was this asset, there was a solid asset, that now is going to result in being another public company, funded again to which you will receive a pro rata shareholding, mirroring that, [indiscernible] whatever dilution, whatever capital raise we need to do. So you will see a bonus shares. It's almost like doubling your investment.

And we have one question here on the reserve report. So on the Q1 call, well, the management, yourself, referred to an independent valuation of PedroUrdaneta. And the question is really who conducted it and on what terms. How much can you go into depth there?

Look, we have engaged a very respectable U.S. auditor to conduct this according to the industry international standards. There's a [indiscernible] standards. So they are working on this. Obviously, we expect, again, that this will deliver a significant value to the company, a material value. We cannot announce it until we have the -- it's completed. We are working this again. We are hoping to fast-track it. I just want to mention that in respect to this, I was personally in Caracas 2 times negotiating the operating agreement with PdVSA, so to make sure that we can start operating this and that obviously will have an impact on the final version of this report according to the final terms. So we are pretty much on that. Again, we cannot commit to when it will be released, but will be very soon.

So basically, if anyone wants detailed questions there, they just have to watch the space on your side. Yes, sorry.

Just one additional comment on the reserve report. It's also important to remember, we are still awaiting these negotiations to be concluded with PdVSA so we can provide some additional information for the auditors to complete the reports. So that's why we are not commenting so much on the timing.

And we have one question here. We will have a couple of valuation questions here at the end. But does management recognize that using the KEO brand for both companies risk defeating the purpose of the spinoff? So could it be an idea to keep the Maha Oil and Gas Inc. or -- you already referred to it's been, well, let's say, associated with something else here. But KEO Energy, that will be the name?

Yes. So KEO Energy will be the name. Again, the reason why we moved away from Maha brand is because the connotation that it has. Also in Latin America, the name is -- resemble like a dance rather than a company. So again, it's not correlating to our business in any way. The KEO brand, the 2 companies will be totally different, separated. There's examples in the industry of many groups that they have different companies sharing the same brand and then thriving on each sector. Here important is that the brand gives both companies the American heritage that is where we're now operating, what is the core market. It gives them already a brand awareness that is associated to that, that is important for our companies. But they're 2 different companies, in totally different segments, markets independent with their own team. So we don't see any risk of [indiscernible].

And just to clarify, we have a viewer question. Will the stock be registered in any other exchange before the U.S. listing? And I would guess not. So the only way to acquire these 2 -- well, the future 2 stocks would be to acquire it via the Stockholm Stock Exchange. Is that correct?

That's correct.

All right. So I have a question here regarding valuation. And obviously, there are limits to what you can -- how you can reply. But the recent [indiscernible] partners report values, the Fintech division alone at the base case of SEK 27 per share. However, the stock is currently trading below SEK 8. So how would you address that apart from the fact that you are divesting the stock here, and in my opinion, then unlock value? Will there be a share buyback program? Or how would you address this anomaly in the market?

Look, it's a big anomaly. Obviously, I -- honestly, of course, I see the same anomaly. I'm shocked. I don't understand it. We focus on the business, the core business. We've got an amazing core business that was, I would say, solid business. We employ people. We have a lot of people employed. Between the 2 divisions, we have well over 100 people [indiscernible] a lot of working with you every day in this company. So it's a real business with fundamentals, we generate revenues. We have a real product. We're focusing on the business. Then we will let the market decide what is the right value for the company. We will control that, as a majority shareholder, I'm in for the long term. This is not only a lockup as a majority of shareholders. I'm in for the long term, are not planning to sell [indiscernible] stock. So this -- what we're doing here is we're building a business. We're focusing on that. And I think that in the medium, short term, long term, at one point the market will realize the value of the company and things will be adjusted.

and as we go along, I'm sure because we have one of the live questions here, the stock market is not understanding the company potential. And basically, I think you gave us the answer there. So time will tell. I would like to move on to KEO Capital, to the Fintech here. Operational KPIs. Now that the Fintech division will operate independently, at least this questionnaire is eager to model its underlying growth. When can we -- well, we, investors and the market, expect the company to start reporting regular financial and operational KPIs? What will they be?

Look, I, like all our other shareholders, to start seeing this reporting. We completed the merger in April 2. So it means that we need to wait the end of the second quarter. So by August, we'll announce the results. You will see that Roberto would be able to put together a number of KPIs that will be very comprehensive because, again, this is a very deep business with lots of clients and lots of transactions, big volumes. So we'll be able to share all of this. We gave you a preview of this when you saw some KPIs on the premerger. That's why I wanted to show again [indiscernible] the business. So you can start making calculation. You start seeing that our average clients were clients roughly $1 million per client line. You see what is our yield on annual basis. So you can correlate things, how we grow clients, what is our potential. It's a huge potential now with the type of capital. So coming back to the thesis, I don't understand the market. I'm an entrepreneur. So I don't play with stocks. I play with businesses [indiscernible] business, we're focused on building the business. And then at a one point the market will recognize the value of this business. I have full confidence if we keep focusing on the business, we'd be the witness in the long term -- in the long run.

And I will just kick over -- well, add on to oil questions here. Time line in Venezuela. Do you still view August as a critical deadline for the agreements given the current [ OFAC ] general license time line?

So I was, as I mentioned before, personally in Caracas for the negotiation this week. I will keep going and [ meeting ] the negotiations, not because I'm an oil and gas expert, I'm a fintech business, well, [indiscernible] across very different industries, I'm giving my support for [indiscernible] as a businessman, obviously, as being part of the American ownership of the company. I personally met with the U.S. Ambassador, John Barrett, a fantastic person doing an incredible job in the country. So we have full support and we support this. So we don't know -- I can say whether it's August or not. I can tell you that we are putting the same passion in the 2 divisions to make sure that we succeed in both fields. We like to win all the games. So we'll be on the front of that and doing our best again for this to be as soon as possible.

And you just have to remind me here because I have a question regarding the domicile. Both companies will be domiciled in Miami, U.S.?

Yes. That's correct. That's what [indiscernible] at the moment, our business on the fintech side, as you know, we operate in our main market, was Mexico. We have plans to launch very soon in Canada. In Brazil, we already have a cross-border program, the GTC. All of this is focused around the Americas. So Miami is the central place from which you can fulfill all of this. Also be closer to our customers and to our clients. That's where the Fintech business was funded. For the Energy business is again the same rationale. We have the businesses with the Venezuela and the U.S. And the General License 52 actually, the restrictions are you can only trade within the United States. So that's the [indiscernible] it's the closest city to Caracas in the U.S. So it's also from a logistic point of view, it makes sense. So both businesses will be headquartered there.

Yes. And we have a viewer question regarding KEO Capital here. Will KEO Capital products be introduced to Jamaica? And it seems like they think that there is a huge potential there. And my add-on question be there is you seem to have a lot on your plate. So how will you handle that? But Jamaica first. Will you...

Let's go to Jamaica first. So I'm [indiscernible] for the question because the answer is finally now Roberto and the tools and the cash and equity to be able to fulfill this need that is global. Businesses all around the world need a KEO Capital facility. They need to be able to streamline the inventory purchases. They need to be able to access credit facility efficiently to be able to have this negotiation between them and their suppliers on a platform that makes this instant. So it's a lot of benefits, not just in Jamaica, all around the world. For sure, we will get also to Jamaica. But I'll let Roberto obviously decide the moment we'll enter Jamaica. But it's on his plate and his plate is now global dominant.

Yes. And I think you in part answered the question there, you have a lot on your plate, but with this divestment you will be able to focus and spread your wings as it were. Would you agree with that?

Absolutely. So the idea, you also understand, is that as we will spin off, we're going to get a professional CEO for the oil and gas who's an expert in oil and gas. Again, I'm not an expert. It's not my expertise. My expertise is business and people. So I understand this side of the business, but not the drilling. So we're going to get a professional CEO. We're going to get partners [indiscernible] in the oil and gas to make sure that we preserve and maximize the value more shareholders in that investment as well. But the Fintech would be just focusing on the fintech. So Roberto will have no distractions with our OFAC licenses and Venezuela business. He will be able to focus on the Fintech business and drive the business. The business is where our passion, heart is, and then we will see the great prospects.

And then my final question here would be then, if we look at -- well, the KEO Capital in this case. Who would you -- who would you like to be paired to and compared with? If we're in the market, we should compare you to whom? Any particular sector or any particular companies?

I'll answer [indiscernible] I don't want to sound arrogant because I never was. It's one of the things I have never been in my life. But [indiscernible] that we created a new segment. What we [indiscernible] KEO, the tech, the patent pending that we have on our technology. We resolved the problem, the problem of being able to digitalize B2B transaction. It wasn't done before. If you see the statistics out of B2B payments, over 96% of those payments were not digital, cash, checks, wires. So everything but digital. Also when we [indiscernible] here on the patent that we put for that, and then after, the KEO rates, another technology product, we resolved the problem. So that has been always our main objective as a company to solve this. So what is the closest to it? So there isn't someone in the world doing what we do today. I don't find it [indiscernible]. So there isn't. So what is kind of the closest? Well, if you want a comparison, maybe we are the Klarna for B2B, and our work here. So we offer a way for businesses to pay over time, where the Klarna is [indiscernible] we do -- we also adjust the supplier needs because also we can anticipate more into the supplier, not just extend time to the [indiscernible] so we satisfy the [indiscernible]. So we are a Klarna on steroids for businesses. On the other side, when I look at our global credit card, probably the closest is the [indiscernible] the U.S. corporate credit card, because of all the tech that is associated and all the reporting. We do that too. But again, we have a global instrument, not just a U.S. one. So these are close comparison, I think, that to get us close to the top of peers. But the [indiscernible] is we created a product. So we innovated. So we created a new segment. And today we still don't have a clear competitor on that.

And Paolo, I think you answered a lot of the underlying questions here that we received written ahead and live here, because it seems like there is a question mark regarding the difference between the, let's say, underlying value and the share price. And one could draw one conclusion and saying that because you're, well, a different animal and a new kid on the block, it will take a little while and some education to get the proper value for the share. Would that be a fair assumption?

I think at the moment again, I come back to a point, I don't know why the market is not valuing us. I don't understand it, and it shocks me. The [indiscernible] is this is a solid business. It's a solid team, with solid results. I'll come back to showing the results from the last quarter. So the only thing we can do as a business here, Roberto and I and the rest of the team, is we focus on the business to make sure that the business is strong, thrives and will grow. At the same time, we recognize that we are not very good at communicating with the shareholders. So joining as a Chairman, I wanted to make sure that we could have this better communications, this webcast, the announcement. You will see there will be more news flow to keep you updated on a continuous basis. We want you to be part supporting us, the company. You are all partners with us. Now every single shareholder that invested in Maha or KEO Capital from now on, as I like to call it, every single shareholder who invests in KEO Capital is our partner. I want you to be involved in the business, being proud of our brand, being proud of what we're doing. It's a beautiful product. It's also got a great social impact, both the fintech with the [indiscernible] businesses, and the one with Energy, we are really going to help a lot in Venezuela and the family and the social situation there that we're going to address by being able to build infrastructures and impact the [indiscernible]. So there is a feel-good factor about being with us. And we'll promise to shareholders to keep focusing to build a strong business. And then we hope that the [indiscernible] market will recognize the value and then [indiscernible] will change.

Right. Thank you for that, Paolo, and thank you for that, Roberto. And a particular thank you to all of you who have been engaged in questions. And I'm sure there are more questions and we will forward us to the company. So with that, I would say thank you, guys and see you later.

Thank you so much, Kaarlo. Thank you, Roberto.

Thank you very much.

Thank you, everyone.

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