(Reuters) – Grab Holdings Ltd, the largest ride-hailing and food delivery firm in Southeast Asia, is buying Malaysian grocery chain Jaya Grocer Holdings Sdn, according to a filing with the U.S. Securities and Exchange Commission.
According to the agreement, a subsidiary of the Singapore-based Grab will acquire all of Jaya Grocer’s ordinary shares and 75% of preference shares, the company said in the filing dated Dec. 13.
For regulatory purposes, Grab intends to partner with a local investor which will own 50% of the voting shares in Jaya Grocer, the filing added. The deal comes after Grab increased its control in Indonesian e-wallet OVO earlier this year.
Founded in 2012 as a regional taxi app in Malaysia, Grab operates a “super app”, which provide ride-hailing, food and grocery delivery as well as digital financial services in Southeast Asia.
Jaya Grocer is a leader in the premium grocery segment in Malaysia and operates 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley near Kuala Lumpur.
Financial terms of the agreement were not disclosed.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)
