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

[SINGAPORE] Top executives of Grab bought more than US$30 million worth of company shares 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 buy-now-pay-later provider Atome Financial.

Grab shares, which have tumbled 50 per cent over the past year, fell to US$2.74 on Sep 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, 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 Sep 15 failed to boost its shares.

On Monday (Sep 21), Grab CEO Anthony Tan purchased shares worth US$30 million, with president Alex Hungate also snapping up around US$867,000 worth of shares, filings to the US Securities and Exchange Commission showed.

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

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At a company town hall on Tuesday, Tan said: “I have put my money where my mouth is... I believe in our strategy and our direction.” REUTERS