SOUTHEAST Asia’s largest ride-hailing company Grab Holdings Ltd is buying Jaya Grocer for an undisclosed amount weeks after the company went public on Nasdaq, the New Straits Times reported.

Grab, which also provides services such delivery, mobility and financial services, entered into a share purchase agreement (SPA) with the current shareholder of Jaya Grocer to buy all ordinary shares and 75% of the preference shares in the company.

Grab also has the option to purchase the remaining 25% shares after the transaction closes.

“For local regulatory purposes, Grab Holdings Ltd (GHL) intends to partner with a local investor which will own 50% of the voting shares in Jaya Grocer.

“Closing under the SPA is subject to customary conditions and is currently expected to occur in the first quarter of 2022. Following closing, Jaya Grocer is expected to become a subsidiary of GHL and its financial results will be consolidated by GHL,” the company said.

Jaya Grocer was founded by the Teng family. Last month, the family reportedly bought back its stake in the grocer from AIGF Advisors Pte Ltd, a Singapore-based private equity firm.

There are 40 Jaya Grocer outlets nationwide.

In April this year, Grab merged with US tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp, and raised US$4.5 billion, including US$750 million from Altimeter. – December 14, 2021.