GXS Bank has received a S$229.5 million capital injection from backers Singtel and Grab, according to regulatory filings with the Accounting and Corporate Regulatory Authority of Singapore.
Grab has taken up the majority of the 229.5 million shares at S$1 apiece. It was allotted 191.8 million shares, while Singtel was alloted 37.7 million shares.
This capital injection is part of a scheduled share issuance and allotment announced in a shareholders’ resolution back in January, when Grab injected S$145 million. Singtel has also been allotted 90.1 million non-paid up shares in this round as part of the resolution.
GXS’ latest financials show widening losses, with FY2023 ending Dec 31 reporting a loss of S$208.2 million from a loss of S$132.5 million a year prior, according to regulatory filings pulled by data platform Handshakes. It’s full-year revenue increased to S$16.1 million from S$5.1 million in FY2022.
Deposits in both GXS and Malaysia GXBank have grown to US$479 million at the end of Q1 2023 from US$36 million in Q1 2022, according to Grab’s Q1 2023 financial results.
