Self-styled “superapp” Grab is acquiring one of Malaysia’s largest premium supermarket chains, Jaya Grocer, for an undisclosed amount.
In a Dec 13 filing with the US Securities and Exchange Commission, the Nasdaq-listed company said its subsidiary has entered into a share purchase agreement (SPA) to acquire all of Jaya Grocer's ordinary shares and 75% of its preference shares.
Jaya Grocer has 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley near Kuala Lumpur.
“Subject to certain terms, the Grab subsidiary will have the option to buy, and the current shareholders will have the option to sell to the Grab subsidiary, the remaining 25% of the preference shares of Jaya Grocer after the closing of the transaction," Grab said in its announcement.
It adds that the company intends to partner with a local investor, which will own 50% of the voting shares in Jaya Grocer for local regulatory purposes.
Subject to customary conditions, closing under the SPA is expected to occur in the first quarter of 2022. Following this, Jaya Grocer will become a subsidiary of Grab and its financial results will be consolidated by the ride-hailing giant.
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As at 11.17pm KL/Singapore time, Grab’s shares are trading 64.5 US cents lower or 9% down at US$6.52.
Photo: Grab
