PETALING JAYA: Southeast Asia’s superapp Grab Holdings Ltd (Grab) is buying over supermarket chain Jaya Grocer.
According to a report in The Edge Markets, Grab will pay between RM1.5 billion and RM1.8 billion to acquire the chain.
On Dec 11, Grab announced the acquisition to the US Securities and Exchange Commission and agreed to a share purchase agreement with the current shareholders of Jaya Grocer.
Only two weeks earlier, the ride-hailing and delivery service app was listed on Nasdaq.
The report also said that in the agreement, Grab would receive the chain’s ordinary shares and 75% of its preference shares.
The purchase comes soon after Jaya Grocer’s recent announcement that its founders, the Teng family, had bought back 45% of the stake from AIGF Advisors Pte Ltd for about RM411 million, giving the family full control of the business.