Grab to acquire Malaysian supermarket chain Jaya Grocer
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Jaya runs 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley area.
PHOTO: JAYA GROCER/FACEBOOK
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KUALA LUMPUR (BLOOMBERG) - Grab Holdings, a unit of South-east Asia's largest ride-hailing and delivery group, is buying Malaysia's top premium grocery chain Jaya Grocer Holdings, according to filing with the US Securities and Exchange Commission.
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 per cent 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 South-east Asian Internet giant has employed mergers and acquisitions sparingly since notably taking over Uber Technologies' regional ride-hailing operations. The deal comes weeks after Jaya Grocer's founder, the Teng family, bought back its entire stake in the chain from South-east Asia-focused private equity investor AIGF Advisors.
Jaya Grocer runs 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley area comprising 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 per cent of the voting shares in Jaya Grocer.
