Grab rallies after Singapore announces corporate income tax rebate

Shares of Grab Holdings (GRAB) are moving higher after Singapore Prime Minister and Finance Minister Lawrence Wong said companies will receive a 50% corporate income tax rebate in 2025. Eligible companies will also receive a cash grant of S$2,000, or $1,500, even if they are not profitable. The total benefit that a company can receive will be capped at S$40,000. Grab, a delivery service headquartered in Singapore, is trading up 13%, or 65c, to $5.55 in pre-market trading. Shares of Sea Limited (SE), which is also headquartered in Singapore, are up 2% to $137.20.