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Grab to buy Malaysia grocery chain Jaya Grocer

Grab to buy Malaysia grocery chain Jaya Grocer

FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

Grab the largest ride-hailing and food delivery firm in Southeast Asia, is buying Malaysian grocery chain Jaya Grocer, according to a filing with the US Securities and Exchange Commission.

According to the agreement, a subsidiary of the Singapore-based Grab will acquire all of Jaya Grocer's ordinary shares and 75 per cent of preference shares, the company said in the filing dated Dec 13.

For regulatory purposes, Grab intends to partner with a local investor which will own 50 per cent of the voting shares in Jaya Grocer, the filing added. The deal comes after Grab increased its control in Indonesian e-wallet OVO earlier this year.

Founded in 2012 as a regional taxi app in Malaysia, Grab operates a "super app", which provide ride-hailing, food and grocery delivery as well as digital financial services in Southeast Asia.

Jaya Grocer is a leader in the premium grocery segment in Malaysia and operates 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley near Kuala Lumpur.

Financial terms of the agreement were not disclosed.

 

Source: Reuters

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