Singapore's Grab debuts share buyback of up to $500m but will be 'cautious'

SINGAPORE -- Singapore-based tech group Grab Holdings on Thursday announced its first-ever stock buyback plan, in an attempt to shore up investor confidence after years of tepid share price performance.

The Nasdaq-listed company said its board of directors has authorized a share repurchase program of up to $500 million worth of outstanding class A ordinary shares. The company did not give a time frame for the repurchases.