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

SINGAPORE, Sept 23 (Reuters) – Top executives of Grab bought more than $30 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% 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 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 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 U.S. 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.”

(Reporting by Jun Yuan Yong; Editing by Miyoung Kim)