Grab executives buy shares after stock hits three-year low

Grab Chief Executive Anthony Tan bought about US$30 million of company shares on September 21, while President and Chief Operating Officer Alexander Hungate purchased shares worth about US$867,000, according to regulatory filings. Their purchases came after Grab’s stock reached a more than three-year low amid investor reaction to the company’s announced acquisition of Atome Financial. Tan acquired 10.35 million Class A shares, and Hungate bought 299,571 shares, according to the filings. Grab shares had fallen to US$2.74 on September 18, their lowest level since May 2023. The decline followed Grab’s September 15 announcement of the Atome deal and a planned share repurchase program, though the available information does not establish that the acquisition announcement alone caused the drop. Grab said the Atome transaction could value the buy-now-pay-later provider at up to US$4.5 billion. The company also announced plans to repurchase about US$900 million of its own shares over 12 months. That is a stated plan; the reports do not establish how much of the buyback, if any, has been completed.