Grab Holdings has agreed to buy Malaysian supermarket chain Jaya Grocer as the Southeast Asian superapp giant expands its deliveries business
as the Southeast Asian superapp giant expands its deliveries business amid increasing demand for online grocery deliveries.
Grab shares dropped 5.30% to close at $6.79 on the Nasdaq overnight. While the merger with blank-check company Altimeter Growth Corp.—which facilitated its backdoor listing in the U.S.—valued the company at $40 billion, the stock has tumbled about 48% since its market debut on December 2.
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