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Grab went public earlier this month, following an announcement that it had plans to do so back in April. Now, barely two short weeks later, the company is acquiring premium grocery chain Jaya Grocer.
In a filing to Nasdaq, Grab said that it has entered into a share purchase agreement with the owners of Jaya Grocer to buy all of the latter’s ordinary shares, and 75% of preference shares. Once the transaction is closed, Grab still has the option to buy the 25% remaining preference shares.
The company already has its hand in food delivery in the form of GrabFood. With that, the acquisition of a grocery chain for its expansion makes sense, though it remains to be seen if it will indeed start adding grocery delivery into its list of services.
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Also noted in the filing is that Grab intends to partner with a local investor, which will own 50% of the voting shares in Jaya Grocer. Though it does not note if this is with Altimeter Growth, which it partnered with when it went public, or another entity.
The post Grab Acquires Jaya Grocer Two Weeks After Nasdaq Listing appeared first on Lowyat.NET.
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