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BUSINESS

Grab announces GrabForGood Fund

08/04/2021 06:27 PM

KUALA LUMPUR, April 8 -- Grab Holdings Inc plans to create an endowment fund, the GrabForGood Fund, with initial funding of US$275 million in cash and Grab shares, including US$25 million personal pledge in Grab shares from its co-founders and president. 

In a statement today, the superapp platform said the plan would seek to support programmes that would have lasting impact on the quality of life for its drivers-, delivery- and merchant-partners, as well as the broader community in the Southeast Asia.

Grab said it would seed the fund with US$50 million in cash and US$200 million in expected value of Grab shares.

In addition, Grab group chief executive officer and co-founder Anthony Tan, co-founder Tan Hooi Ling and president Ming Maa have pledged a combined of expected value of US$25 million in personal contribution of Grab shares.

“Since our founding, Grab has been dedicated to our mission of creating economic empowerment for everyone in Southeast Asia.

“The GrabForGood Fund will be a key pillar of our efforts to uplift Grab partners and our broader community, and represents a meaningful next step in our long-term commitment to Southeast Asia,” said Tan. 

The fund will support a mix of programmes aimed at delivering long-term social and environmental impact, including in areas such as education, financial support for underserved communities, and environmental issues.

A ‘Fund Advisory Board’ will be formed to give Grab partners and the broader Southeast Asian community strong representation in providing feedback and recommendations over how the funds will be spent, said Grab.

-- BERNAMA

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