Grab CFO sells $1.1m in shares

Grab CFO Peter Oey / Photo credit: Grab

Grab CFO Peter Oey has sold 341,000 shares in the super app at US$3.17 apiece, totaling US$1.1 million, a regulatory filing showed.

According to the filing, the transaction occurred on February 28 this year and was conducted through JP Morgan Chase. Yesterday, Grab’s stock ended trading at US$3.16 per share.

The news was first reported by Bloomberg. 

In a statement to Tech in Asia, the company said the move was made to cover the executive’s tax obligations. “This is a common practice by executives of listed companies. Peter remains committed to the business,” the person added.

Oey was appointed as the company’s CFO in April 2020. He previously served as CFO for legal tech company LegalZoom and US consumer internet business MyLife.

At Grab, he’s in charge of finance operations, treasury, tax, procurement, and the real estate and facilities department.

Grab recently reported strong Q4 2022 results, logging a 310% year-on-year leap in revenue to US$502 million. The company attributed the surge mainly to the region’s recovering mobility industry and a reduction in costs.

It now expects to hit EBITDA breakeven as soon as the fourth quarter of this year.

See also: Grab’s latest lineup of top executives