Grab’s finance chief reduces stake through US$1.1 million share sale
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GRAB’S chief financial officer (CFO) Peter Oey sold US$1.1 million in shares of the South-east Asian ride-hailing and delivery company, according to a regulatory filing.
Oey and affiliated person Eve Oey sold 341,202 shares at an average price of US$3.17 on Feb 28 through JPMorgan Securities, according to a filing with the US Securities and Exchange Commission (SEC).
“The sale was done strictly to cover tax obligations,” Grab said in a message in response to Bloomberg inquiries. “This is a common practice by executives of listed companies. Peter remains committed to the business.”
Peter Oey joined Singapore-based Grab as CFO in April 2020 to lead the company’s financial operations. He previously served as CFO of LegalZoom.com and Mylife.com in the US. He held about 2.3 million Class A ordinary shares as at September 2022, according to an SEC filing at the time.
Shares of Grab have declined more than 70 per cent since it merged with a US blank cheque company in late 2021. They are down 1.9 per cent this year. BLOOMBERG
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