Another big news this morning is inevitable that Central Retail has acquired over 67% stake in GRAB to invest in Grab, GrabTaxi Holdings (Thailand) (name of a registered company in Thailand). And will increase the right to exchange the shares of GrabTaxi Holdings (Thailand) for shares of Grab Holdings Limited, the parent company to be listed on the NASDAQ Stock Exchange of the United States. Central’s big investment is a build on Grab’s access to services from three years ago when it held a non-controlling interest of over $200 million. United States (read old news)
Central Retail Corporation Public Company Limited (CRC), Thailand’s No. 1 omni-channel retailer and platform, announced the closing of a large deal to acquire shares in Grab Thailand, ASEAN’s No. 1 Superapp, with an investment of 4,500 million baht. Acquired a 67% stake in Porto Worldwide Limited (“Porto WW”), which invests in GrabTaxi Holdings (Thailand) Limited. Let Central Retail be the most complete Digital Retail in Thailand. and fully meet the needs of customers from the beginning to the end
In addition, there is an opportunity for Central Retail to benefit from an additional investment from the right to swap shares in GrabTaxi Holdings (Thailand) for shares of Grab Holdings Limited (“GHL”), the parent company of Grab. It will be listed on the US NASDAQ Stock Exchange on December 3, 2021 (Thailand time). The value of GHL shares at the IPO price (US$10) that Porto WW will hold if the right to swap shares is exercised. accounted for approximately 14,000 million baht*
*Share value is based on the exchange rate of 1 USD = 33.72 baht.
Mr. Yon Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited, said, “Grab is ASEAN’s first Decacorn Startup Company (startup companies with a value of $10 billion or more). He decided to invest in Grab because he saw the potential of Grab Superapp’s rapid growth. and is a leader in the ASEAN region In Thailand, Central Retail has been an important business partner with Grab since the first day it opened its business in Thailand, making Grab the number 1 leader in integrated services platforms. business cover travel service food delivery service logistics system service Hotel and hotel booking service and financial services We will bring the strength of both sides to strengthen each other. To provide the best experience for all Thai customers Today is an important milestone and we are proud that we have made a commitment together. to enhance the Thai retail and service industry Let’s push the Thai economy forward steadily. We are committed and ready to lead the organization towards sustainable development and growth.”
Details of information disclosed to the Stock Exchange of Thailand are as follows:
On December 1, 2021, OAL Holding Limited (“OAL”) exercised 133,545,740 shares of Porto Worldwide Limited (“Porto WW”), representing 67.0%.[1] At the price agreed upon in the share purchase agreement dated 11 December 2019 (“Share Purchase Agreement”) to the Hillborough Group, a subsidiary of the Company. share purchase agreement which was approved by the Board of Directors of the Company on December 10, 2019 and the shareholders’ meeting on December 19, 2019, by which the Company has notified the Office of the Securities and Exchange Commission (“SEC”). ) and has published information about such obligations to investors in the Company’s initial public offering prospectus (“Prospectus”).
The details of the purchase of shares under the obligations of the contract are as follows:
- Expected completion date : By December 2021
- Porto WW registered capital: $199,322,000
- Investment value : Not more than 4,500 million baht (calculated according to the terms and conditions specified in the share purchase agreement disclosed in the Company’s prospectus)
- Investment Proportion : 133,545,740 shares, representing 67.0% of the total shares of Porto WW
- Source of funds used in the purchase of shares : Internal cash flow of the Company and credit limit from the bank
- Type of business : Invest in GrabTaxi Holdings (Thailand) Co., Ltd. in the proportion of 40.0%
expected benefits : Investing in Grab in Thailand will play an important role in the development of the company’s ecosystem and omni-channel platform as Grab is the leading online-to-offline service platform with growth and expansion. Fast service across Southeast Asia Especially in Thailand, Grab offers a wide range of services including food delivery services. travel service logistics system service Hotel and hotel booking service and financial services to promote and drive the organization to become a complete Digital Retail and help to expand the business of the company in the future
In addition, the Company may have another benefit if Porto WW exercises a one-time right. In exchanging all or part of GrabTaxi Holdings (Thailand) shares for shares of Grab Holdings Limited (“GHL”) Class A Ordinary Share to be listed on the NASDAQ Stock Exchange of the United States of America Day On December 2, 2021 (US Eastern Time) at a fixed price of $6.1629 per share, Porto WW can exercise the right to swap such shares within 60 days of the first business day after 6 Months after the first day GHL shares are listed on the NASDAQ Stock Exchange and subject to other terms and conditions. In the event that Porto WW exercises all existing share swap rights, approximately 1.06% of GHL Class A Ordinary Shares will be held. The total number of shares of GHL Ordinary Shares (which is worth approximately Bt14 billion at the GHL IPO price of USD 10.0 per share). The following rules apply.
