Why Grab Holdings Shares Are Trading Higher

Grab Holdings Limited GRAB shares are trading higher after the company announced the launch of GrabMaps.

GrabMaps is a new enterprise service that will allow the company to tap into the $1 billion market opportunity in Southeast Asia per year for mapping and location-based services, according to the press release.

Tan Hooi Ling, Co-founder, Grab said, "We've invested to turn this intelligence into a competitive advantage, allowing us to serve our users and partners with a great experience, at the same time driving efficiency and cost-savings for the business. We're very proud that soon we will be fully self-powered by our own mapping and location-based technology. Commercializing this technology is another step forward for our young but fast-growing Enterprise and New Initiatives business."

Grab Holdings Inc is an investment holding company. The Group enables access to transportation, delivery, mobile payment, financial services and enterprise offerings in Southeast Asia through its mobile application.

Grab Holdings has traded as high as $17.15 and as low as $2.26 in a 52 Week period.

The stock was up 12% trading at $2.975 at time of publication, according to data from Benzinga Pro.