Grab finance chief reduces stake through $1.5 million share sale
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Grab shares have declined more than 70 per cent since it merged with a US blank-cheque company in late 2021.
PHOTO: ST FILE
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Singapore – Grab Holdings chief financial officer Peter Oey has sold US$1.1 million (S$1.5 million) worth of shares in the South-east Asian ride-hailing and delivery company, according to a regulatory filing.
Mr Oey and affiliated person Eve Oey sold 341,202 shares at an average price of US$3.17 on Feb 28 through JP Morgan Securities, a filing with the US Securities and Exchange Commission (SEC) shows.
“The sale was done strictly to cover tax obligations,” Grab said in a message in response to Bloomberg inquiries. “This is a common practice by executives of listed companies. Peter remains committed to the business.”
Mr Oey joined Singapore-based Grab as CFO in April 2020 to lead the company’s financial operations. He previously served as CFO of LegalZoom.com and Mylife.com in the United States. He held 2,280,755 Class A ordinary shares as at September 2022, according to an SEC filing at the time.
Shares of Grab have declined more than 70 per cent since it merged with a US blank-cheque company in late 2021. The shares are down 1.9 per cent this year. BLOOMBERG
