SINGAPORE (Sept 23): Top executives of Grab bought more than US$30 million (RM122.34 million) worth of company shares this ​week after the Singapore-based ride hailing and ‌financial service firm's stock slumped to a more than three-year low following a deal to acquire a ​buy-now-pay-later provider.

Here are the details:

Grab shares ​tumbled 50% over the past year and ⁠fell to US$2.74 on Friday, the lowest level since ​May 2023.

The drop came days after the company ​announced that it would acquire buy-now-pay-later provider Atome Financial in a deal that could ultimately value the target at ​up to US$4.5 billion.

Along with the deal, Grab ​also said it planned to buy back around US$900 million ‌shares ⁠over the next 12 months, but the announcements on Sept 15 failed to boost its shares.

On Monday, Grab CEO Anthony Tan purchased shares ​worth US$30 million, ​with president ⁠Alex Hungate also snapping up around US$867,000 worth of shares, according to filings ​to the US Securities and Exchange ​Commission.

After ⁠the purchase, Grab shares closed up 8.9% on Tuesday.

At a company townhall on Tuesday, Tan said, "I ⁠have ​put my money where my ​mouth is... I believe in our strategy and our direction."

Uploaded by Siow Chen Ming