Grab execs buy back shares after stock hits 3-year low on Atome deal

SINGAPORE — Top executives of Grab bought more than US$30 million (S$38.2 million) worth of company shares this week after the Singapore-based ride hailing and financial service firm's stock slumped to a more than three-year low following a deal to acquire a buy-now-pay-later provider.

Here are the details:

Grab shares tumbled 50 per cent over the past year and fell to US$2.74 on Friday (Sept 18), the lowest level since May 2023.

The drop came days after the company announced that it would acquire buy-now-pay-later provider Atome Financial in a deal that could ultimately value the target at up to US$4.5 billion.

Along with the deal, Grab also said it planned to buy back around US$900 million shares over the next 12 months, but the announcements on Sept 15 failed to boost its shares.

On Monday, Grab CEO Anthony Tan purchased shares worth US$30 million, with president Alex Hungate also snapping up around US$867,000 worth of shares, according to filings to the US Securities and Exchange Commission.

After the purchase, Grab shares closed up 8.9 per cent 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."

[[nid:745361]]