Shares of Grab Holdings and Sea Ltd 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 8% on Tuesday and continued to rise 3% in overnight trading. Shares of Sea Limited, which is also headquartered in Singapore, closed up 2.7%.

The Monetary Authority of Singapore equities market review group has made recommendations to strengthen the attractiveness of the local stock market.

PM Wong accepted the group’s recommendations to introduce tax incentives for Singapore-based companies and fund managers that list on the Singapore Exchange.

Tax incentives will also be rolled out for fund managers that “invest substantially” in Singapore-listed equities. More details will be shared by the review group soon, said PM Wong.