Thailand's biggest shopping mall owner, the Central Group, will pour USD 200 million into the Singapore ride-hailing and food delivery firm Grab, the companies said Thursday, as they look to reel in customers now buying everything from food to holidays online.
The investment means Central, which is also a major hotelier and supermarket chain whose business interests stretch into Europe, will acquire a non-controlling stake in Grab's Thai entity.
Tos Chirathivat, CEO of Central Group and scion of the kingdom's second richest family with a fortune estimated by Forbes of USD 21 billion, said the big buy-in will give his company's stores and hotels access to customers wherever they are.
"It (Grab) has built a new platform which consists of food delivery, payment and other services," he said.
"So we can link with it. They can sell or buy products at our malls and get them delivered home."
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