On Oct 4, Grab increased its stake in Indonesian mobile wallet provider Ovo to about 90% through the acquisition of shares from PT Tokopedia and Lippo Group.
Following an investor call with Grab, CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan have kept their “overweight” call on the IT Services sector.
Singapore-based Grab, which is currently unlisted, is a super-app in Southeast Asia. The app offers a variety of services that include food delivery, ride-hailing and financial services, which addresses users’ everyday needs on one platform.
