(Bloomberg) -- Grab Holdings Ltd. Chief Financial Officer Peter Oey sold $1.1 million in shares of the Southeast Asian ride-hailing and delivery company, according to a regulatory filing.

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Oey and affiliated person Eve Oey sold 341,202 shares at an average price of $3.17 on Feb. 28 through JP Morgan Securities LLC, according to a filing with the US Securities and Exchange Commission.

“The sale was done strictly to cover tax obligations,” Grab said in a message in response to Bloomberg inquiries. “This is a common practice by executives of listed companies. Peter remains committed to the business.”

Oey joined Singapore-based Grab as CFO in April 2020 to lead the company’s financial operations. He previously served as CFO of LegalZoom.com Inc. and Mylife.com in the US. He held 2,280,755 Class A ordinary shares as of September 2022, according to an SEC filing at the time.

Shares of Grab have declined more than 70% since it merged with a US blank check company in late 2021. They’re down 1.9% this year.

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