Ride hailing firm Grab secures up to $700 million in debt facilities

Technology


SINGAPORE (Reuters) – Grab, the main Southeast Asian rival of Uber Technologies Inc [UBER.UL], said on Friday it had secured debt facilities of up to $700 million to help it create the largest car rental program in southeast Asia.

FILE PHOTO: People wait for the start of Grab’s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

The company also said it had signed a partnership with Singaporean public transport operator SMRT, which will give it exclusive access to SMRT’s taxi and private car fleet management capabilities, along with its network of taxis and Strides private-hire cars.

It also said it would have the largest car rental fleet in Southeast Asia by the fourth quarter of 2018.

Reporting by Aradhana Aravindan; Editing by Edwina Gibbs

Our Standards:The Thomson Reuters Trust Principles.



Source link

Products You May Like

Articles You May Like

SoftBank says considering investment in Uber but no final agreement reached
Two more women accuse Senate candidate Moore of sexual misconduct
Kizzire wins in Mexico as Fowler runner-up again
Nadal wins damages of 12,000 euros over doping slur
Russia, China, others boycott U.S. meeting at U.N. on Venezuela

Leave a Reply

Your email address will not be published. Required fields are marked *