25 July 2024

(View Media Release in PDF)

1. Following the issuance by the Competition and Consumer Commission of Singapore (“CCCS”) on 11 July 2024 of its provisional decision regarding the proposed acquisition by Grab Holdings Limited through GrabRentals Pte. Ltd. of Trans-cab Holdings Ltd. (collectively, the “Parties”) (the “Proposed Acquisition”), the Parties have, on 22 July 2024, notified CCCS that they will no longer be proceeding with the Proposed Acquisition.

2. With the termination of the Proposed Acquisition, the Parties have withdrawn their application to CCCS for a decision, and CCCS has accordingly ended its assessment of the Proposed Acquisition.

3. In addition, in their letter to CCCS, the Parties expressed their respect for the regulatory process and their appreciation to CCCS for the thorough review. CCCS notes Grab’s commitment to operating in compliance with competition laws and their intention to contribute positively to the competitive landscape in Singapore. CCCS encourages businesses with acquisition plans to engage CCCS at an early stage of the process if they assess that their plans are likely to raise competition concerns.

4. For more information on CCCS’s Statement of Decision (Provisional) issued to the Parties on 11 July 2024, please refer to CCCS’s media release dated 11 July 2024.

5. For more information on the merger review process in Singapore, please refer to Annex 1.