KUALA LUMPUR – Grab, the largest ride-hailing and delivery firm in South-East Asia, is buying Malaysian supermarket chain Jaya Grocer reported by Sin Chew Daily.
Grab has inked a deal to buy all of Jaya Grocer’s ordinary shares and 75% of its preference shares, according to the announcement, although the acquisition price has not been disclosed.
Following the completion of the acquisition, Grab will have the option to purchase the remaining preference shares of Jaya Grocer.
The acquisition is Grab’s largest since its recent initial public offering (IPO) in the United States.
To operate Jaya Grocer, the corporation must partner with a local investor who will own 50% of the voting shares, subject to Malaysian legislative regulations.
The Teng family, who established Jaya Grocer, recently purchased all of the group’s shares from the ASEAN Industrial Growth Fund (AIGF), bringing its stake to 100%.
However, it’s worth mentioning that there has also been several market reports indicating their plans to relinquish control of the equities.
Sources familiar with the acquisition also told Bloomberg that the stock sale transaction will raise the group’s worth to more than $200 million (approximately RM846 million).
Jaya Grocer was founded in the mid-2000s and now has 40 stores around Peninsular Malaysia, as well as online shopping and delivery services.
Editor: Sarah Yeoh