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Grab Holdings Ltd is currently the largest food delivery company in Southeast Asia. It is also the top ride-hailing brand in the region and it is adding a new venture to its portfolio.
As per Reuters, Grab Holdings is acquiring Jaya Grocer Holdings Sdn Bhd, a grocery chain in Malaysia. The acquisition was revealed through a filing with the U.S. Securities and Exchange Commission.
In the filing bearing the date of Dec. 13, the company said that it was agreed the Singapore-based division of Grab would buy all of Jaya Grocer's ordinary shares in addition to 75% of preference shares.
Also, Southeast Asia's leading super-app is intending to team up with a local Malaysian investor that will own 50% of the voting shares in the grocery chain. This is part of the plan for regulatory purposes related to the acquisition since the deal is still subject to some terms. Grab Holdings further revealed it will have the option to buy an additional 25% of Jaya Grocer’s preference shares once the transactions are completed.
"Closing under the SPA is subject to customary conditions and is currently expected to occur in the first quarter of 2022,” The New Straits Times quoted the company as saying in the filing. “Following closing, Jaya Grocer is expected to become a subsidiary of GHL and its financial results will be consolidated by GHL."
It was further reported that the amount of the share purchase agreement (SPA) between the current shareholders of Jaya Grocer and Grab Holdings was not revealed to the public.
Meanwhile, it was only last month when the Teng family, the founder of Jaya Grocer, reportedly bought back the full stake in the grocery chain from AIGF Advisors Pte Ltd., a private equity firm based in Singapore.
AIGF purchased Jaya Grocer in 2016 as part of its investment strategy of recognizing and investing in firms with huge potential. The company believes that working with them will help improve the value of their businesses and create leaders in various industries.
Jaya Grocer has more than 40 outlets in Malaysia today after it expanded from the initial 10 stores. It is currently the leader in the premium grocery sector in the country with the majority operating in the Klang Valley that is close to Kuala Lumpur.
