The Competition and Consumer Commission of Singapore has imposed several interim measures on Grab’s acquisition of Uber. (Photo: VNA)Singapore (VNA) – The Competition and Consumer Commission ofSingapore (CCCS) said on April 13 that it has imposed several interim measureson Grab’s acquisition of Uber until competent agencies finish theirinvestigation into the deal.
Earlier on March 30, Singapore announced its examination on the takeover forfear of Grab’s monopoly on ride-hailing service which will affect the interestof customers and drivers.
The measures take effect immediately, requiring the two companies to stopmerger activity in Singapore during the time of investigation. They must remainprice and service policies and are not allowed to share customer and driverdata.
The Uber platform will continue to be available in Singapore until May 7instead of the previously stipulated April 14 to allow a smoother transitiontime for riders and drivers.
Lim Kell Jay, head of Grab Singapore, said that the temporary measures shouldnot create barriers to competition and limit the development of businesseslanding investment in Singapore in the past years.
According to the deal reached on March 26, Uber sold its Southeast Asianbusiness to its rival Grab, marking the US-based company’s second retreat from theAsian market. Uber gets a 27.5 stake in Grab, which was last valued at 6million USD after a financing round in July.
Grab will take over Uber’s operation and assets in eight Southeast Asiancountries while expanding food delivery services.-VNA
VNA
