Intan Rakhmayanti Dewi, CNBC Indonesia
Tech
Thursday, 20/07/2023 14:45 WIB
Jakarta, CNBC Indonesia – Ride-hailing giant Grab acquires Trans-Cab, Singapore’s third largest taxi operator. The acquisition value is estimated at US$ 100 million or around Rp 1.5 trillion.
Grab’s acquisition of Trans-Cab was reported by the Straits Times. Through this acquisition, Grab now manages around 2,200 taxi units and more than 300 private rental vehicles.
A Straits Times source stated that the negotiations had been running for two months and were scheduled to finish this week. The deal must be approved by the regulator.
Both Grab and Trans-Cab declined to comment on the deal when contacted by the Straits Times.
According to the latest statement posted by the Accounting and Corporate Regulatory Authority, Trans-Cab Holdings had total equity of US$ 62.7 million at the end of 2020.
In 2021, it reported around US$8.7 million in net profit and US$81.1 million in revenue. It has cash and an equivalent of US$7.6 million at the end of 2021.
Observers say Trans-Cab’s exit marks another blow to the taxi industry, which has been in the doldrums since private rental operators were allowed into the point-to-point transportation sector in 2013.
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2023-07-20 07:45:00
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