KEO World Inc Announces Business Combination of its Global Trade Card (GTC) Program with Maha Capital AB

Updated: Sep 2

KEO and Maha Capital: Driving the Next Phase of Growth.

We are excited to announce that KEO World has entered into a binding agreement to combine its GTC

business with Maha Capital AB, a publicly listed investment company on Nasdaq Stockholm. This

transaction is designed to significantly strengthen our financial foundation and accelerate our global

expansion.

Maha brings over USD 120 million in cash and liquid assets, while KEO investors will contribute an

additional USD 35 million. Together, the combined company will have approximately USD 155 million of

equity to deploy into the GTC program. As part of its growth strategy, the combined entity also intends

to pursue a dual listing on Nasdaq in the United States, broadening investor access, enhancing liquidity,

and positioning our company on the global stage.

Under the agreement, KEO will transfer its GTC operations, including KEO Latam GTC Program LLC (the

SPV that operates the program) and KEO Puerto Rico LLC, which holds our Amex issuing license, to Maha.

Once completed, and subject to performance milestones, KEO will become the majority shareholder of

the combined entity. Our founder, Paolo Fidanza, will be proposed to serve as Chairman, and KEO will

nominate directors, subject to regulatory and company approvals.

The GTC program, launched in 2022, helps multinational and offshore companies efficiently manage U.S.

dollar expenses such as travel and lodging, while delivering FX efficiencies and centralized financial

control. With Maha’s resources and infrastructure, we aim to expand these solutions across Latin

America, the Caribbean, and Canada, with capacity to support multi-billion-dollar transaction volumes

annually.

Looking forward, the combined entity plans to pursue up to USD 400 million of low-cost leverage,

expand its technology offering with AI-driven tools, and enhance the client portfolio.

Finally, in line with our founders’ vision, we will work with Maha to establish a program to dedicate part

of the profits to altruistic initiatives, ensuring that our growth benefits not only our shareholders but

also the communities we touch.

We invite you to join us tomorrow at 17:30 CEST for a webinar where we will present the transaction in

Sincerely,

Paolo Fidanza

CEO

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