Bangkok, 2 December 2021 – Central Retail Corporation, CRC, the leading retailer and number one omnichannel platform in Thailand, announces the closing of a major business deal by acquiring stakes of Grab Thailand, ASEAN’s number one Superapp with a total investment of 4,500 million baht. Central Retail has acquired 67% of Porto Worldwide Limited (“Porto WW”) stocks, which invests in Grab Taxi Holdings (Thailand).
The closing of this deal is considered a significant ‘piece to the puzzle’ to reinforce Central Retail’s leadership position as the most complete Digital Retail company in Thailand that comprehensively serves the needs of consumers across all experience aspects. Through this investment deal, Central Retail may benefit from a share swap right where the shares of Grab Taxi Holdings (Thailand) can be exchanged for shares in Grab Holdings Limited (“GHL”), the parent company of Grab that is set to be listed on NASDAQ in the United States on December 3, 2021 (GMT+7). If the share swap is exercised, the GHL share price at IPO (10 USD per share) which Porto WW will hold is approximated to be at 14,000 million baht.*Stock price is based on an exchange rate of 1 USD = 33.72 baht
Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation commented “Grab is ASEAN’s first Decacorn (startups valued at 10 billion USD and above), and Central Retail’s decision to invest in Grab is due to the potential we see in Grab as a Superapp growing rapidly and becoming a leader in ASEAN. In Thailand, Central Retail has been an important business partner for Grab since the first day of business operations in Thailand until today, in which they have grown to become the number one platform with comprehensive services covering business, transport, food delivery, logistics, hotel and accommodation booking and financial services. We will synergize the strengths of both companies and support one another to deliver the best experiences to Thai consumers. Today marks an important step and a moment of pride in sharing the mission to take the retail and service industry in Thailand to the next level, accelerating the economy with strength and stability, and readily leading the organization to new and sustainable growth.”