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SMRT in talks to sell its taxi business to Grab

By James Lu - on 25 Apr 2017, 11:00am

SMRT in talks to sell its taxi business to Grab

According to a report from The Straits Times, SMRT is in talks to sell off its taxi business, along with its fleet of 3,400 taxis, to ride-hailing app Grab.

SMRT has operated its taxi business for 27 years, but has recently faced tough competition from ride-hailing startup companies like Grab and Uber.

Besides the sale, the proposal with Grab is also for SMRT to have a stake in Grab, and at least one seat on its board of directors.

However, the report also states that the proposed deal may have stalled due to a disagreement over SMRT Taxis workers. Apparently SMRT wants to ensure that all affected workers will retain their jobs, but Grab is not keen to take on the extra headcount.

Source: The Straits Times

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