Grab Stock Gets a July 1 Test as Indonesia Cuts Driver Fees
Grab Holdings hovered near $3.48 in U.S. afternoon trading on Tuesday, caught between a weaker Nasdaq and a fresh Indonesia margin test for its ride-hailing business. The Nasdaq-listed shares were last little changed, with about 31.7 million shares traded and a market value near $13.8 billion. The immediate issue is simple, and not small. Grab and Indonesian rival GoTo will cut the commission, the fee an app keeps from each trip before the driver is paid, on two-wheeler rides in Indonesia to 8% from 20% from July 1, the companies said. GoTo vice president director Catherine Hindra Sutjahyo said the company backed efforts to improve driver prosperity.