SINGAPORE, Dec 3 — Shares in Grab, South-east Asia’s biggest ride-hailing and delivery firm, slid more than 20 per cent in their Nasdaq debut on Thursday following the company’s record US$40 billion merger with a blank-check company.
The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products. Thunderous handclaps reverberated in the hotel ballroom as an emotional Tan thanked them for putting Grab and Southeast Asia’s tech economy on the global map.
Grab’s flotation “will provide a bigger cash buffer” to its “cash burn”, S&P Global Ratings said in a note. But it said the company’s “credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months.” “Longer term, we’re really excited about Grab Financial Group,” said Chris Conforti, partner at Altimeter Capital, referring to Grab’s financial services unit. “I think the bell curve on that is much wider in terms of what the outcome could be, but it could be extremely large.”CEO Tan, 39, expanded Grab into a regional operation with a range of services, after launching it as a taxi app in Malaysia in 2012. It later moved its headquarters to Singapore.
Grab’s listing brings a payday bonanza to early backers such as Japan’s SoftBank and Chinese ride-hailing giant Didi Chuxing, which invested as early as 2014.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stanford engineers build bird bots that can perch and grab objects | Malay MailWASHINGTON, Dec 2 — Inspired by how birds land and perch on branches, a team of engineers at Stanford University has built robotic graspers that can fit on drones, enabling them to catch objects and grip various surfaces. The advance could allow flying robots to conserve power in situations where...
Source: malaymail - 🏆 1. / 86 Read more »
Report: US delaying UK trade deal over post-Brexit concerns | Malay MailWASHINGTON, Dec 2 — The United States is delaying a deal to remove Trump-era tariffs on UK steel and aluminum as Washington's concerns over post-Brexit trade rules affecting Northern Ireland rise, the Financial Times reported on Wednesday. In a communication seen by the newspaper, a US Commerce...
Source: malaymail - 🏆 1. / 86 Read more »
US police officer shoots and kills wheelchair-bound shoplifter | Malay MailLOS ANGELES, Dec 2 — A US policeman shot and killed a wheelchair-bound shoplifter, hitting him nine times in the back and side as he rolled away from the officer, media reported Wednesday. The shooting is the latest in a country where law enforcement readily resorts to deadly force when...
Source: malaymail - 🏆 1. / 86 Read more »
Tinder owner to pay founders US$441m to settle valuation lawsuit | Malay MailNEW YORK, Dec 2 — The company that owns Tinder will pay US$441 million (RM.1.8 billion) to the popular dating app’s founders to settle a dispute over the valuation of stock options, documents showed Wednesday. The suit filed in New York in 2018 contended that Tinder owner Match Group, and its...
Source: malaymail - 🏆 1. / 86 Read more »
Blinken says US has deep concerns about Russian posture over Ukraine | Malay MailSTOCKHOLM, Dec 2 — The United States is worried over Russia’s posture towards Ukraine and will support the country together with Nato allies, US Secretary of State Antony Blinken said today in connection with bilateral talks with Ukraine’s foreign minister. Blinken is attending the...
Source: malaymail - 🏆 1. / 86 Read more »
US diplomat: Malaysia needs to do more to combat human trafficking, improve human rights | Malay MailSINGAPORE, Dec 2 — Threats and coercion by China towards Taiwan increase the need for the United States to help Taiwan maintain a credible self-defense, the top US diplomat for Asia said on Thursday. Assistant Secretary of state for East Asian and Pacific Affairs Daniel Kritenbrink, speaking in...
Source: malaymail - 🏆 1. / 86 Read more »