Grab CEO Obtains 60% of Voting Rights in Record SPAC Agreement

Grab Chief Executive Officer Anthony Tan will obtain about 60 percent of the voting rights as the Singapore-based ride-hailing giant merges with special purpose acquisition company (SPAC) Altimeter Growth Corp., strengthening his grip over the transport startup.

In the regulatory filing submitted by the SPAC, Tan, together with his co-founder Hooi Ling Tan and President Ming Maa, will acquire “Class B” shares that would allow them to have more voting control.

The shares of the ride-hailing giant’s three leaders account for 3.3 percent of the total tocks but that would amount to 60.4 percent of the voting power.

According to the filing, the shares of the two other leaders would be “deemed beneficially owned by [Anthony] Tan,” adding that this is “pursuant to a shareholders’ deed to be entered into concurrently with the business combination agreement, irrevocably appointing [Anthony] Tan as attorney-in-fact and proxy to vote all of their Class B ordinary shares.”

This would make Tan obtain most of the power in decision-making in behalf of the company.

SoftBank Vision Fund, despite being Grab’s biggest shareholder that has 18.6% of the company’s total shares, will only have 7.6 percent of the voting rights.

Other major shareholders of the Singaporean ride-hailing startup would be Uber Technologies Inc. – owning 14.3 percent of the firm’s shares – and Chinese transport company Didi Chuxing – which has 7.5 percent of Grab’s stocks.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.