$12.9 Billion Grab President Ming Maa to Step Down in April 2024 & Chief People Officer Ong Chin Yin Appointed as Board Director, Tan Hooi Ling to Step Down from Operational Roles & Directorship at the end of 2023 and to Remain as Advisor, Co-founded Grab with CEO Anthony Tan in 2012 and SPAC IPO in 2021 at $40 Billion Value
18th November 2023 | Hong Kong
Southeast Asia ride-hailing & super-app Grab ($12.9 billion market capitalization 17/11/23) President Ming Maa will be stepping down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. Grab: “In the interim until end-April 2024, Maa will focus on his corporate development responsibilities as he transitions away from his role as President. Maa has played a pivotal role in the Grab journey since he joined in September 2016, including completing the company’s merger with Uber’s Southeast Asia operations in 2018 and supporting its public listing on NASDAQ in 2021 … … Grab does not intend to seek a replacement for the President role. Functions currently reporting to the President will be subsumed under other Grab leaders.”
“ $12.9 Billion Grab President Ming Maa to Step Down in April 2024 & Chief People Officer Ong Chin Yin Appointed as Board Director, Tan Hooi Ling to Step Down from Operational Roles & Directorship at the end of 2023 and to Remain as Advisor, Co-founded Grab with CEO Anthony Tan in 2012 and SPAC IPO in 2021 at $40 Billion Value “
$11 Billion Grab Co-Founder Tan Hooi Ling to Step Down from Operational Roles & Directorship at the end of 2023 and to Remain as Advisor, Co-founded Grab with CEO Anthony Tan in 2012 and SPAC IPO in 2021 at $40 Billion Value
27th May 2023 – Southeast Asia ride-hailing & super-app Grab ($11 billion market capitalization 26/5/23) co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) has announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. Grab (25/5/23): Grab Holdings Limited (NASDAQ: GRAB) today announced that Tan Hooi Ling has informed its board of directors of her intention to step down from her operating roles at Grab, including her directorship, by the end of 2023. Tan will be transitioning into an advisory role with Grab moving forward. Tan co-founded Grab with Anthony Tan, Group CEO, in 2012, and worked at other companies in the US before rejoining Grab in April 2015. She led various operations and technology teams as COO until the appointment of Alex Hungate in January 2022. She currently leads Grab’s technology organization, and is mentoring the next-generation of technology leaders, including Suthen Thomas, Grab’s Group Chief Technology Officer, and Philipp Kandal, Chief Product Officer. Tan has also served as a member of Grab’s Board of Directors since its public listing in December 2021.” In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day.
Grab Faces Investigation & Class Action Lawsuit, Falls 70% from IPO Price in 4 Months
11th March 2022 – Grab, Southeast Asia Ride-Hailing & Super App, is facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the latest financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In the December 2021 IPO through a SPAC merger with Altimeter Growth Corp, Grab had claimed: “mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.” But in the March 2022 financial update, Grab attributed the poor financial results to “investing heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.” See below for list of law firms announcing the investigation and for investors to file claims. (IPO ~ Initial Public Offering)
SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
United States Law Firms Announced Investigations on Grab
- Glancy Prongay & Murray – Announces Investigation of Grab Holdings Limited (GRAB, GRABW) on Behalf of Investors
- Johnson Fistel – Encourages Shareholders with $20,000 in Losses to Conact the Firm Regarding Investigation
- Hagens Berman, National Trial Attorneys – Investigating Grab Holdings Limited (GRAB) For Possible Securities Law Violations, Investors With Significant Losses Encouraged to Contact Firm
- Robbins Geller Rudman & Dowd LLP – Announces Investigation into Grab Holdings Limited f/k/a Altimeter Growth Corp. and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm
- ROSEN – Encourages Grab Holdings Limited f/ka/ Altimeter Growth Corp. Investors with Losses in Excess of $100K to Inquire About Securities Class Action Investigation – GRAB, GRABW
- Portnoy Law Firm – GRAB Investors: Company Investigated
- Pomerantz Law Firm – Investigates Claims On Behalf of Investors of Grab Holdings Limited – GRAB
Grab IPO on Nasdaq in SPAC Merger with $40 Billion Market Value, Falls 20% on Day 1 with Founder Anthony Near Billionaire Status
In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. (SPAC ~ Special Purpose Acquisition Company, IPO ~ Initial Public Offering)
Grab to Receive $4.5 Billion
With the merger, Grab will receive approximately $4.5 billion, with $4.04 billion in private placement investment with key investors including BlackRock, Fidelity, T. Rowe Price, Janus Henderson, Nuveen, Mubadala (Abu Dhabi SWF), Permodalan Nasional (Malaysia SWF) and Temasek (Singapore SWF).
SWF ~ Sovereign Wealth Fund
Altimeter Growth Corporation
Altimeter Growth Corporation (Nasdaq: AGC) is a special purpose investment vehicle sponsored by Altimeter Growth Holdings (“Altimeter”), which is part of the Altimeter Capital Markets Platform, formed to invest in and help bring a world-class technology company to the public markets.
On April 13, 2021, Grab Holdings Inc., Southeast Asia’s leading superapp, announced it intends to go public in the U.S. through a SPAC transaction in partnership with AGC. The combined company expects its securities will be traded on the Nasdaq under the ticker symbol “GRAB” in the coming months.
Grab, founded in 2012
Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore.
With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Today, Grab serves more than 187 million users in over 350 cities across 8 countries in Southeast Asia, including Singapore, Malaysia, Thailand Indonesia, Vietnam, Philippines, Cambodia and Myanmar. In 2020, Grab reported revenue of $1.6 billion and net loss (EBITA) of $800 million.
Grab Underwriters
With the SPAC merger with Altimeter Growth Corp, Grab will receive approximately $4.5 billion at a $39.6 billion valuation.
Evercore is the financial advisor to Grab for the transaction and JP Morgan and Morgan Stanley are co-advisors. JP Morgan and Morgan Stanley are the lead placement agents and Evercore and UBS are co-placement agents to Alimeter Growth for the private placement.
Related:
- Grab $39.6 Billion SPAC IPO Delayed to Q4 2021, Pending Accounts Clearance
- Southeast Asia Grab Goes Public on Nasdaq at $39.6 Billion Valuation with SPAC Merger
- Indonesia Tech Giants Gojek and Tokopedia Merge to Form GoTo Group, Eyes $35 Billion Future IPO
IPO:
- JD Logistics IPO in Hong Kong, 3.3% Higher on Day 1 with $32 Billion Market Value
- UK-Based Deliveroo IPO on London Stock Exchange, Down 26.4% on 1st Day
- Baidu IPO on Hong Kong Exchange, Price Remains Unchanged on Day 1
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
- Kuaishou IPO Rises 160% on Day 1, Raised $5.32 Billion
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