Grab seeks to double votes tied to Class B ‘super-voting’ shares; move could lift CEO Anthony Tan’s voting power to 74.9%
At least two-thirds of valid votes at an upcoming EGM will be required to pass the resolution.
Add BT as a preferred source
[SINGAPORE] Grab will hold an extraordinary general meeting (EGM) on Mar 24 on a special resolution to double the votes attached to its “super-voting” Class B shares.
The move could raise founder and group chief executive officer Anthony Tan’s voting power in the company to as high as 74.9 per cent, assuming there is no conversion of Class B shares into Class A ones, which carry one vote per share.
The special resolution proposes to increase the number of votes attached to Class B shares – held by Tan and other key figures at Grab – from 45 votes per share to 90 votes, based on a circular sent to shareholders on Friday (Mar 6) and seen by The Business Times.
TRENDING NOW
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Record Singapore-US rate gap may widen further on inflows and hawkish Fed outlook
Marco Polo Marine shares plans to unlock value as boutique fund manager becomes substantial shareholder
