Yahoo Finance Grab Holdings to Acquire Malaysian Supermarket Chain Jaya Grocer
(Bloomberg) -- Grab Holdings Ltd., a unit of Southeast Asia’s largest ride-hailing and delivery group, is buying Malaysia’s top premium grocery chain Jaya Grocer Holdings Sdn., according to filing with the U.S. Securities & Exchange Commission.
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The Singapore-based Grab signed an agreement with the shareholders of Jaya Grocer to buy all of the grocery chain’s ordinary shares and 75% preference shares for an undisclosed amount. Grab has the option to buy the remaining preference shares after the deal closes, according to the filing dated Dec. 13.
The acquisition is Grab’s largest since it took control of Indonesian wallet provider Ovo earlier this year. The Southeast Asian internet giant has employed M&A sparingly since notably taking over Uber Technologies Inc.’s regional ride-hailing operations. The deal weeks after Jaya Grocer’s founder, the Teng family, bought back its entire stake in the chain from Southeast Asia-focused private equity investor AIGF Advisors Pte.
Jaya runs 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley area comprising of the capital city of Kuala Lumpur and richest state of Selangor. For local regulatory purposes, Grab will partner with a local investor, who will own 50% of the voting shares in Jaya Grocer.
EARLIER: Malaysia’s Jaya Grocer Chain Owners Said to Weigh Stake Sale
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