SINGAPORE, Jan 31 — The Competition and Consumer Commission of Singapore (CCCS) has it an in-depth review has begun on the proposed acquisition of Trans-cab, Singapore's third-largest taxi operator, by ride-hailing company Grab Holdings' unit.
In July last year, Nasdaq-listed Grab announced its intention to acquire Trans-cab in a deal including a combined taxi and private-hire-vehicle fleet of over 2,500 vehicles owned by Trans-cab.
The review is underway after the parties submitted necessary documents to the CCCS on January 25, following the regulator's comment expressing inability to confirm that the deal would not pose competition concerns.
"Upon completion of the review, we will decide whether to issue a favourable or an unfavourable decision on the proposed acquisition," the CCCS said in a statement.
The commission found that Grab's proposed two-year duration to address competition concerns raised by CCCS was inadequate. Further, it said Grab's self-policing monitoring mechanism is insufficient.
It said during the review, Grab is allowed to propose revised commitments which would address the concerns raised.
— Reuters
