KUALA LUMPUR – The US$40 billion (RM164 billion) merger between Grab and special-purpose acquisition company Altimeter Growth Corp (AGC) will be completed only in the fourth quarter (Q4) of this year, instead of next month.
In a filing with the United States Securities and Exchange Commission (SEC), Grab said it is in the process of finalising its financial audit for fiscal years 2018, 2019 and 2020, in accordance with regulations set by the commission.
Previously, the company had in April said the merger was expected to be completed by next month.
“Concurrently, we are also working with SEC to obtain pre-clearance of certain accounting policies and related financial disclosures in accordance with SEC procedures. As a result, our financial information for these periods remain subject to further review and revision.
“In connection with the business combination with AGC, we expect Grab Holdings Ltd to file a registration statement on Form F-4 with SEC in or around the middle of the year and complete the business combination with AGC during the fourth quarter of 2021,” it said in the filing today.
Grab added that its consolidated gross merchandise value in Q1 2021 was US$3.6 billion, an increase of 5.2% year-on-year. – The Vibes, June 9, 2021
