KWAP invests US$30m in Uber

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.