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Singapore competition watchdog fines Grab, Uber $9.5 million

By Aradhana Aravindan

SINGAPORE (Reuters) – Singapore’s anti-trust watchdog fined ride-hailing firms Grab and Uber a combined S$13 million ($9.5 million) over their merger deal, and ordered Uber to sell vehicles from its local leasing business to any rival that makes a reasonable offer.

U.S.-based Uber Technologies Inc [UBER.UL] sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a 27.5 percent stake in the Singapore-based firm.

The deal invited regulatory scrutiny in the region, with the Competition and Consumer Commission of Singapore (CCCS) – in a rare move – launching an investigation just days after the deal was announced.

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