Top executives of Grab bought more than $30 million worth of company shares this week after the Singapore-based ride-hailing and financial services firm’s stock slumped to a more than three-year low following a deal to acquire a buy-now-pay-later provider.
Grab shares tumbled 50% over the past year and fell to $2.74 on Friday, the lowest level since May 2023.
The drop came days after the company announced that it would acquire buy-now-pay-later (BNPL) provider Atome Financial in a deal that could ultimately value the target at up to $4.5 billion.
Along with the deal, Grab also said it planned to buy back around $900 million in shares over the next 12 months, but the announcements on September 15 failed to boost its shares.
On Monday, Grab CEO Anthony Tan purchased shares worth $30 million, with president Alex Hungate also snapping up around $867,000 worth of shares, according to filings to the US Securities and Exchange Commission.
After the purchase, Grab shares closed up 8.9% on Tuesday. At a company townhall on Tuesday, Tan said, “I have put my money where my mouth is… I believe in our strategy and our direction.”
Reuters
