SINGAPORE, September 26 — Grab’s two top executives bought more than US$30 million worth of company shares after the stock fell to its lowest level in more than three years, following the announcement of a proposed acquisition of buy-now-pay-later provider Atome Financial.
Chief executive Anthony Tan purchased US$30 million worth of Grab shares on Monday, while president Alex Hungate bought approximately US$867,000 worth, according to filings with the US Securities and Exchange Commission.
Grab shares had fallen to US$2.74 on Friday, their lowest level since May 2023. The stock has lost 50% of its value over the past year.
The decline came days after Grab announced a deal to acquire Atome Financial that could ultimately value the company at up to US$4.5 billion. Grab also unveiled a plan to repurchase about US$900 million of its own shares over the next 12 months, but the announcements did not immediately lift its stock price.
Grab shares closed 8.9% higher on Tuesday after the executives’ purchases. Speaking at a company town hall that day, Tan expressed confidence in Grab’s strategy and direction.
