ANN/THE STRAITS TIMES – Grab Holdings Chief Financial Officer (CFO) Peter Oey has sold USD1.1 million in shares of the Southeast Asian ride-hailing and delivery company, according to a regulatory filing.
Oey and affiliated person Eve Oey sold 341,202 shares at an average price of USD3.17 on February 28 through JP Morgan Securities, according to a filing with the United States (US) Securities and Exchange Commission (SEC).
“The sale was done strictly to cover tax obligations,” Grab said in a message in response to Bloomberg inquiries. “This is a common practice by executives of listed companies. Peter remains committed to the business.”
Oey joined Singapore-based Grab as CFO in April 2020 to lead the company’s financial operations. He previously served as CFO of LegalZoom.com and Mylife.com in the US. He held 2,280,755 Class A ordinary shares as at September 2022, according to an SEC filing at the time.
Shares of Grab have declined more than 70 per cent since it merged with a US blank-cheque company in late 2021. The shares are down 1.9 per cent this year.