SoftBank Group, Grab and PETROS Sign Framework Agreement to Explore AI Infrastructure and Ecosystem Development in Sarawak, Malaysia

SoftBank Group Corp. (“SoftBank”), Grab Holdings Limited (“Grab”) and Petroleum Sarawak Berhad (“PETROS”) today signed a Framework Agreement to explore the development of an artificial intelligence (AI) and digital infrastructure platform in Sarawak, Malaysia.

The Framework Agreement was signed by Masayoshi Son, Chairman and Chief Executive Officer of SoftBank Group Corp.; Anthony Tan, Group Chairman, Chief Executive Officer and Co-Founder of Grab; and Dato Janin Girie, Group Chief Executive Officer of PETROS. The Right Honourable Premier of Sarawak, Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg; Datuk Haji Ibrahim Bin Haji Baki, Deputy Minister for the Ministry of Utility and Telecommunication Sarawak (Sarawak Energy and PETROS); Tan Sri Datuk Amar (Dr) Hamid Bin Bugo, PETROS Chairman; and Datuk Haji Sharbini Suhaili, PETROS Board Member were also present at the signing

Under the Framework Agreement, the three parties will collaborate to develop a roadmap for the phased development of the platform. The collaboration will also explore opportunities across the wider AI value chain, including AI compute and services, advanced technologies, robotics, local workforce and community development.

The tri-party partnership brings together complementary strengths across technology, digital platforms, investment and infrastructure to support Sarawak’s ambition to develop a high-value, technology-driven economy, while contributing to the expansion of Malaysia’s digital infrastructure and connectivity, including the Jalinan Digital Negara (JENDELA) initiative:

The collaboration reflects the parties’ shared view of Sarawak’s potential to become a destination for AI infrastructure and high-value technology industries to anchor Malaysia's ambition to become a regional hub for AI and digital infrastructure. It also supports the State’s aspiration to achieve high-income status by 2030 under the Post COVID-19 Development Strategy (PCDS) 2030 and is intended to contribute to the national digital economy and AI agenda under the Ekonomi MADANI framework and the Thirteenth Malaysia Plan, by attracting strategic investment into Malaysia, developing Malaysian talent and capabilities, and catalysing technology-driven economic activities across Sarawak, Malaysia and the wider region.

The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TSE: 9984), an investment holding company that includes stakes in AI, smart robotics, IoT, telecommunications, internet services, and clean energy technology providers, as well as a majority stake in Arm, which is building the future of computing; and the SoftBank Vision Funds, which are investing to help transform industries and shape new ones. To learn more, please visit https://group.softbank/en.

Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 900 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people every day to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app. We operate supermarkets in Malaysia under Jaya Grocer and Everrise, which enables us to bring the convenience of on-demand grocery delivery to more consumers in the country. As part of our financial services offerings, we also provide digital banking services through GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone. Grab strives to serve a triple bottom line – we aim to simultaneously deliver financial performance for our shareholders and have a positive social impact, which includes economic empowerment for millions of people in the region, while mitigating our environmental footprint.

Petroleum Sarawak Berhad (PETROS) is Sarawak’s state-owned integrated energy company and a key growth engine for the State. Established in 2017 and headquartered in Kuching, PETROS operates across the energy value chain, supporting a low-carbon future through strong governance, operational excellence, and a workforce committed to advancing Sarawak’s development. Visit https://www.petroleumsarawak.com/ for more information.

This press release contains statements other than statements of historical fact, or “forward-looking statements,” including those that may fall within the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, where applicable. Some of these forward-looking statements can be identified by the use of words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “opportunity,” “potential,” or other similar expressions. Such statements include, without limitation, statements regarding the potential development of an AI and digital infrastructure platform in Sarawak, a roadmap for its development, cooperation among SoftBank, Grab and PETROS (the “Companies”), contribution by the Companies to the contemplated project, and the expected benefits of the initiative. These statements are based on the views, expectations and assumptions of the relevant Company or Companies as of the date of this press release and therefore should not be relied upon as necessarily indicative of future results.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by these statements. These factors include, but are not limited to:

(i) the possibility that the principal terms of the contemplated project will not be agreed, that the Companies will not enter into definitive agreements, or that the project will not proceed;
(ii) uncertainties relating to the outcome of due diligence, each party’s internal approvals, required governmental or regulatory approvals and permits in Malaysia or other relevant jurisdictions, and financing for the project;
(iii) the possibility that suitable land, competitively priced and reliable power, connectivity, or contracted customer demand will not be secured;
(iv) changes in demand for or pricing of AI compute and related services, technological developments, competition, or other market conditions;
(v) the possibility that technical, commercial or regulatory assessments will show that the contemplated project is not feasible or cannot be implemented at the contemplated scale or within the contemplated timeframe;
(vi) the possibility that the initiative will require substantial capital and resources to succeed, and that it may not succeed or deliver the expected benefits even if such capital and resources are committed; and
(vii) changes in applicable laws, regulations or government policies.

The Framework Agreement does not obligate the Companies to enter into definitive agreements with respect to, or to implement, the contemplated project. You should also consider the risks concerning Grab described in Grab’s annual report on Form 20-F for the year ended December 31, 2025 and other filings with the U.S. Securities and Exchange Commission.

You are cautioned not to place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release. None of the Companies undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.