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

SINGAPORE, Sept 23 — 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)

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