---
endpoint: analytics
pattern: Technology
status: done
latency_ms: 145254
conversation_id: 5fe8c3d4-bb2f-40ca-9f06-eb72867e1d3d
citations: 8
created: 2026-05-31 21:36:58Z
---

# Who are the key shareholders of Grab?

# Grab Holdings (GRAB) — Key Shareholders

Based on Grab's most recent Form 20-F (FY 2025, reported as of January 31, 2026), the shareholder structure splits into two distinct groups: **insiders with concentrated voting control via Class B super-voting shares**, and **principal economic shareholders** holding >5% of total ordinary shares.

The company is a Cayman-incorporated entity with a **dual-class structure**: 3,972,725,983 Class A Ordinary Shares (1 vote each, NASDAQ-listed) and 127,755,800 Class B Ordinary Shares (45 votes each, all held by founders/insiders) outstanding [1].

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## 1. Founder / Insider Control — Anthony Tan (CEO & Co-Founder)

Anthony Tan does **not** own the largest economic stake but controls Grab via the Class B super-voting structure and irrevocable proxies:

| Metric | Value |
|---|---|
| Direct + Permitted Entity beneficial ownership of all Ordinary Shares | **~3.2%** (economic) [4] |
| Ownership of total Class B Ordinary Shares (Tan + Permitted Entities) | **~78.7%** [5] |
| Total voting power controlled (after Key Executive Proxies + Exco Proxies) | **~59.9%** [4] |

**Composition of Mr. Tan's Class B holdings** (deemed beneficial ownership under the Shareholders' Deed) [2]:
- 81,099,260 Class B shares held directly by Mr. Tan
- 19,492,330 Class B shares held by **Hibiscus Worldwide Ltd.** (a Cayman entity related to Mr. Tan)
- 16,147,952 Class B shares held by co-founder **Tan Hooi Ling** (no longer at Grab; shares voted by Mr. Tan under the Shareholders' Deed)
- 9,904,354 Class B shares held by former President **Maa Ming-Hokng** and the Maa Trusts (also voted by Mr. Tan)
- Additional Class B shares held by Grab's executive officers (subject to Voting Proxy Deeds)

**Governance note**: Grab's board has called an EGM for **March 24, 2026** to seek shareholder approval to **double the Class B voting power from 45 votes to 90 votes**, which would lift Mr. Tan's effective voting power to **74.9%** — a structural reinforcement of founder control [4].

---

## 2. Principal (>5%) Economic Shareholders

Per the 20-F's "Item 7. Major Shareholders" table, three external entities are disclosed as principal shareholders [6]:

| Principal Shareholder | Notes |
|---|---|
| **SB Investment Advisers (UK) Limited** | SoftBank Vision Fund's UK investment manager — disclosed per Form 13F filed with the SEC on Feb 18, 2026 [3] |
| **Uber Technologies, Inc.** | Legacy stake from Grab's 2018 acquisition of Uber's Southeast Asia business in an all-share deal — disclosed per Schedule 13D filed May 8, 2024 [3][7] |
| **Toyota Motor Corp** | Strategic shareholder with a separate driver-services partnership [6] |

> **Context on Uber's stake**: Uber became a major strategic shareholder when Grab acquired Uber's SEA ride-hailing and food-delivery business in March 2018 [7]. The non-compete that Uber granted Grab expires one year after Uber disposes of its remaining Grab shareholdings.

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## 3. Strategic / Joint-Venture Partners (Not Direct GHL Shareholders, But Material at Subsidiary Level)

These parties hold significant economic interests in Grab's subsidiaries rather than at the parent (GHL) level — but they are functionally important to the cap-table conversation [8]:

- **Singtel** — joint-venture partner in **GXS Bank** (Digital Banking JV in Singapore); has a contractual right starting **December 2027** to swap its JV shares for Grab Class A Ordinary Shares (potential future dilution at GHL level)
- **Mitsubishi UFJ Financial Group (MUFG)** — strategic investor in Grab's digital financial services
- **Toyota Motor Corp** — also a strategic shareholder for driver-related services (in addition to its principal-shareholder position at GHL)

---

## Summary Table — Key Shareholders of Grab (as of Jan 31, 2026)

| Holder | Type | Disclosure Basis | Significance |
|---|---|---|---|
| **Anthony Tan Ping Yeow** (incl. Hibiscus Worldwide) | Founder/CEO insider — Class B | 20-F Item 7 | ~3.2% economic / ~59.9% voting [1][4] |
| **Tan Hooi Ling** (co-founder) | Insider — Class B (proxied to A. Tan) | 20-F Item 7 | 16.1M Class B shares [2] |
| **Maa Ming-Hokng** (former President) | Insider — Class B (proxied) | 20-F Item 7 | 9.9M Class B shares [2] |
| **SB Investment Advisers (UK) Ltd** (SoftBank Vision Fund) | Institutional | Form 13F (Feb 18, 2026) | >5% Class A holder [3][6] |
| **Uber Technologies, Inc.** | Strategic / legacy | Schedule 13D (May 8, 2024) | >5% Class A holder [3][6][7] |
| **Toyota Motor Corp** | Strategic | 20-F Item 7 | Principal Shareholder + driver-services partner [6][8] |
| **Singtel** | JV partner | 20-F (GXS Bank JV) | Convertible JV stake → potential GHL dilution from Dec 2027 [8] |
| **MUFG** | Strategic partner | 20-F | Digital financial services partnership [8] |

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## Key Takeaway

Grab is a **founder-controlled company** with a deliberate split between economic ownership and voting control. SoftBank (via SB Investment Advisers) and Uber are the dominant **external economic shareholders**, while Anthony Tan retains effective voting and board-nomination control through Grab's 45x super-voting Class B shares plus irrevocable proxies — a structure Grab is **seeking to strengthen further** via the March 2026 EGM proposal to raise Class B votes to 90x. Maintaining Mr. Tan's majority voting power is also a **regulatory requirement** of Singapore's MAS for the GXS Bank digital-banking license [5].

---

**Sources**
[1] Grab Holdings — FY 2025 Form 20-F, Item 7.A "Major Shareholders" (basis of calculation: 3.97B Class A + 127.76M Class B outstanding as of Jan 31, 2026)
[2] Grab Holdings — FY 2025 Form 20-F, Item 7.A footnote (3) (Tan beneficial ownership composition: Hibiscus Worldwide, Tan Hooi Ling, Maa Ming-Hokng)
[3] Grab Holdings — FY 2025 Form 20-F, Item 7.A footnotes (5) & (6) (SB Investment Advisers 13F filed Feb 18, 2026; Uber 13D filed May 8, 2024)
[4] Grab Holdings — FY 2025 Form 20-F, Risk Factors (Tan's 59.9% voting control vs 3.2% economic ownership; March 2026 EGM proposal)
[5] Grab Holdings — FY 2025 Form 20-F, Risk Factors (Tan owns 78.7% of Class B; MAS Singaporean-control requirement for digital bank)
[6] Grab Holdings — FY 2025 Form 20-F, Item 7.A Principal Shareholders table (SB Investment Advisers, Uber Technologies, Toyota Motor Corp)
[7] Grab Holdings — FY 2025 Form 20-F, Item 4.A History (2018 Uber Southeast Asia acquisition)
[8] Grab Holdings — FY 2025 Form 20-F, Risk Factors — Strategic Alliances (Singtel Digital Banking JV; MUFG; Toyota driver-services partnership)

## Citations

- [1] **FY 2025 Grab Holdings Limited** · external
- [2] **FY 2025 Grab Holdings Limited** · external
- [3] **FY 2025 Grab Holdings Limited** · external
- [4] **FY 2025 Grab Holdings Limited** · external
- [5] **FY 2025 Grab Holdings Limited** · external
- [6] **FY 2025 Grab Holdings Limited** · external
- [7] **FY 2025 Grab Holdings Limited** · external
- [8] **FY 2025 Grab Holdings Limited** · external

