Southeast Asian super app Grab has signed an agreement to acquire Jaya Grocer, a Malaysia-based online and offline grocery firm, for an undisclosed sum.
GrabSupermarket in Malaysia / Photo credit: Grab
The Singapore-headquartered tech giant has agreed to buy all the ordinary shares and 75% of the preference shares of Jaya Grocer, according to Grab’s filing on Nasdaq.
Grab also has the option to buy up the remaining 25% of the grocery firm’s preference shares after closing the deal. The super app also said that it will partner with a Malaysia-based investor, which will own 50% of the voting shares in Jaya Grocer, to comply with the country’s regulations.
The retail grocery store started back in December 2007 and has since grown to run 40 stores across Peninsular Malaysia, according to Grab. Most of these locations are in the Klang Valley area, an urban conglomeration centered in Kuala Lumpur.
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“Following closing, Jaya Grocer is expected to become a subsidiary of Grab Holdings and its financial results will be consolidated by Grab Holdings,” the filing read. The deal is projected to close in the first quarter of 2022.
Editing by Collin Furtado and Lorenzo Kyle Subido
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