Grab’s CFO, Peter Oey, has reportedly sold his stake in the Southeast Asian superapp for US$1.1 million, according to a report. Oey, along with one other person, sold 341,202 shares through JP Morgan Securities LLC on 28 February at an average price of US$3.17, a filing with the US Securities and Exchange Commission stated.
Grab responded to the report, stating that the sale was carried out “strictly to cover tax obligations”, and that it was a common practice by executives of listed companies. Grab added that Oey remains committed to the company despite the sale of his stake.
Oey was appointed as CFO of Grab in April 2020, having previously served as CFO of LegalZoom.com Inc. and Mylife.com in the US. Grab, which started out as a ride-hailing service, has since diversified into a superapp offering a range of services such as food delivery and digital payments across Southeast Asia.
Despite these recent developments, Grab has been facing some competition in the Southeast Asian market, with other ride-hailing and delivery companies such as Gojek and Shopee also expanding their services. Nonetheless, Grab remains a dominant player in the region with its wide range of services and strong brand recognition.
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