Ride-hailing firm Grab secures up to S$950 million in debt facilities
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SINGAPORE — Grab, the main Southeast Asian rival of Uber Technologies Inc, said on Friday (Oct 20) it had secured debt facilities of up to US$700 million (S$951.89) to help it create the largest car rental programme in southeast Asia.
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. REUTERS