Uber Tech confirms KWAP’s investment

SAN FRANCISCO, CA - AUGUST 26: The logo of the ride sharing service Uber is seen in front of its headquarters on August 26, 2016 in San Francisco, California. Uber's head of finance Gautam Gupta is reported to have told investors in a conference call that the company had lost $1.27 billion in the first half of 2016. The ride sharing company lost an estimated $520 million in the first quarter and $720 million in the second quarter. Justin Sullivan/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

KUALA LUMPUR: Uber Technologies Inc has confirmed it received an investment from Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Malaysia’s public-sector pension fund. 

Uber’s chief executive officer (CEO)/co-founder, Travis Kalanick, said the company was delighted about the investment from one of the biggest pension funds in South-East Asia.

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

KWAP’s CEO, Datuk Wan Kamaruzaman Wan Ahmad, said the investment was 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, which was launched in Malaysia in January 2014, currently operates in Kuala Lumpur, Johor Baru, Penang, Ipoh, Kota Kinabalu and Kuching.

The investment is KWAPs first direct investment in a foreign company. - Bernama