Maha Capital (MAHA) Investor update summary

Strategic developments and capital structure

• Completed merger with KEO, welcoming new shareholders and establishing a new capital structure.

• Focused on fintech scaling up digital payments and oil & gas operations in Venezuela, with options to increase asset ownership.

• Exercised call option in April to acquire Petrodelta asset in Venezuela, with an additional 16% option available until April 2028.

• Board and executive team strengthened with experienced members from both oil and tech sectors, with a proven track record in scaling ventures.

• Asset-light, scalable business model with high net income margins and strong cash flow generation.

Fintech business update

• Fintech operations focus on Workeo (short-term credit and inventory optimization) and Global Trade Card (cross-border payments and expense management).

• Proprietary blockchain technology enables instant, secure cross-border payments without SWIFT, offering convenience and risk reduction.

• Targeting Latin America and Canada, serving smaller credit lines unattractive to large banks, with high yields due to local interest rates.

• Portfolio growth driven by increased client usage and onboarding, with consistent growth in credit lines and yields across products.

• Theoretical annual transaction capacity could reach $10 billion, supporting revenue potential of $250–300 million and net income over $100–140 million.

Oil and gas operations in Venezuela

• Petrodelta asset holds significant reserves: 9 billion barrels of oil in place, 700 million barrels of reserves, and substantial gas resources.

• Holds 24% of PetroUrdaneta, with a call option to increase to 40% by March/April 2028.

• Asset features light oil, advantageous for blending and pricing, and is strategically located in the Maracaibo region.

• Development plan aims to restore production to 40,000 barrels per day by 2036, leveraging past operational experience in Latin America.

• Outstanding dividends of ~$60M owed to private partners.