Grab plans to double the voting rights attached to its Class B shares, a proposal that could raise CEO Anthony Tan’s voting power to nearly 75 percent.

The company will hold an extraordinary general meeting on Mar 24 to seek shareholder approval for the change, according to a circular reviewed by The Business Times.

The resolution would increase the votes attached to each Class B share from 45 to 90.

Grab said Tan held about 59.1 percent of the company’s total voting power as at Jan 31, including proxy arrangements.

If the proposal is approved and no further share conversions take place, his voting power could rise to as much as 74.9 percent.

The resolution requires support from more than two thirds of valid votes cast.

Grab said it expects other Class B shareholders, including co-founder Tan Hooi Ling and former president Ming Maa, to convert their shares into Class A shares if the resolution is approved. Class A shares carry one vote each.

The company said the proposal is intended to ensure that Tan retains majority voting control even if those conversions take place. In that scenario, his voting power would still stand at about 69.4 percent.

Grab’s board has recommended that shareholders vote in favour of the resolution, saying the move would help reinforce the company’s capital structure and support its long-term growth plans.

The circular also pointed to regulatory considerations tied to Grab’s digital bank joint venture with Singtel.

Grab added that Tan’s majority voting control is needed to satisfy Monetary Authority of Singapore requirements that the venture remain under the control of a Singaporean.

The extraordinary general meeting will be held virtually at 11.45 am on 24 March.

Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik