KUALA LUMPUR – Southeast Asia’s leading ride-hailing and food delivery company Grab Holdings Ltd saw a 32% surge for its shares listed on the US’ Nasdaq stock exchange.
This is seen as a positive sign as the company expects a rebound of its businesses as offices are reopening after a two-year slump due to the Covid-19 pandemic.
“Our business will continue to strengthen as more countries pivot to living with Covid-19,” Grab CEO Anthony Tan was quoted as saying by Reuters.
He added that the company’s Q1 results pointed to the “resilience of Southeast Asia’s economy as we move past the worst of the pandemic restrictions”.
The company has plans to open new markets in “underpenetrated cities and towns” in the region and forecast its delivery segment to balance the books by the end of 2023.
“The mobility business is coming back very strongly. It has been one of the brightest spots coming out of the first quarter,” its CFO Peter Oey told Reuters.
However, its ride-hailing service has come under fire recently with netizens complaining about higher pricing when compared to its competitors. – The Vibes, May 20, 2022
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