Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, is buying Malaysian grocery chain Jaya Grocer Holdings, according to a filing with the US 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, reported Reuters.
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.
