Grab to give Anthony Tan 60.4% voting power; posted US$10.4b accumulated loss
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GRAB chief executive Anthony Tan will control 60.4 per cent of the company's voting power after its merger with Altimeter Growth Corp, a US-based SPAC (special purpose acquisition company), its regulatory filing shows.
The substantial voting power granted to Mr Tan mirrors the controversial practice of "super voting" shares by some US tech companies.
According to a cap table on the filing, Mr Tan will own a 2.2 per cent stake in the company post-merger, comprising 162.9 million Class B ordinary shares. Each Class B share is entitled to 45 votes, in contrast with the one vote accorded to each Class A share.
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