SINGAPORE: Grab Holdings Ltd, a unit of South-East Asia’s largest ride-hailing and delivery group, is buying top premium grocery chain Jaya Grocer Holdings Sdn Bhd, according to filing with the US Securities and Exchange Commission.

       The Singapore-based Grab signed an agreement with the shareholders of Jaya Grocer to buy all of the grocery chain’s ordinary shares and 75% preference shares for an undisclosed amount.

       Grab has the option to buy the remaining preference shares after the deal closes, according to the filing dated Dec 13.

       The acquisition is Grab’s largest since it took control of Indonesian wallet provider Ovo earlier this year.

       The South-East Asian Internet giant has employed merger and acquisition sparingly since notably taking over Uber Technologies Inc’s regional ride-hailing operations.

       The deal comes weeks after Jaya Grocer’s founder, the Teng family, bought back its entire stake in the chain from South-East Asia-focused private equity investor AIGF Advisors Pte.

       Jaya runs 40 stores across Peninsular Malaysia, with the majority being located in the Klang Valley.

       For local regulatory purposes, Grab will partner with a local investor, who will own 50% of the voting shares in Jaya Grocer. — Bloomberg