Wednesday, January 19, 2022

Grab buys over Jaya Grocer supermarkets

Grab is said to have signed an agreement with Jaya Grocer's shareholders to buy all of the retail chain's ordinary shares and 75% preference shares.

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Ride-hailing giant Grab is acquiring supermarket chain Jaya Grocer, Bloomberg reports citing a filing with the US Securities & Exchange Commission today.

The report said Grab had signed an agreement with Jaya Grocer’s shareholders to buy all of the retail chain’s ordinary shares and 75% preference shares for an undisclosed amount.

Another report by business daily The Edge said up to RM1.8 billion could change hands in the deal.

Jaya Grocer is founded and managed by members of the Teng family, who also founded the landmark TMC supermarket in Bangsar and the Giant hypermarket, both of which are no longer under them.

Jaya Grocer operates some 40 outlets nationwide, catering to the premium retail market.

Private equity fund Asean Industrial Growth Fund had bought 45% stake in Jaya Grocer, but last month the Teng family announced that they had returned as the full owners of the company.

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