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Business deals

Grab expands reach into retail with purchase of Malaysian supermarket

Deal for Jaya Grocer puts focus on thriving delivery business after rocky Nasdaq debut

Grab's delivery segment grew more than 60% on the year last quarter, far outpacing its ride-hailing business.   © Reuters

SINGAPORE -- Singapore's Grab will acquire high-end Malaysian supermarket chain Jaya Grocer, a foray into retail that aims to bolster the superapp operator's mainstay delivery business.

Grab Holdings will acquire all of Jaya's outstanding ordinary shares and 75% of preferred shares by the end of March, according to a filing Monday with the U.S. Securities and Exchange Commission. This comes less than two weeks after the Nasdaq listing of Southeast Asia's largest ride-hailing startup through a record-breaking merger with a special-purpose acquisition company.

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