SINGAPORE - Ride-hailing firm Grab has hit out at the Competition and Consumer Commission of Singapore's (CCCS) finding that its acquisition of rival Uber's South-east Asian business is anti-competitive.
"We have considered the CCCS' Proposed Infringement Decision and disagree with their analysis," a spokesman said.
"The CCCS appears to have taken a very narrow approach in defining competition. While we are one of the most visible players in transport, we are not the only player in the market. CCCS has not taken into account the dynamic developments and intense competition going on over the past few months, from both new and incumbent taxi and ride-hailing players."
Grab said even though it was not required by the law to do so, it had informed the CCCS and "proactively engaged" with the watchdog "before the transaction was signed".
"We conducted the acquisition legally and in full compliance with Singapore's applicable competition laws," she added.
She pointed out that Grab had "fully cooperated with the CCCS throughout the course of their review, and had proactively proposed voluntary commitments over and above the Interim Measures Directions" meted out by the commission.
It said the CCCS had rejected these.
Grab said the commission's decision are "overreaching and go against Singapore's pro-innovation and pro-business regulations in a free market economy".
It said it will take "all appropriate steps to appeal against this decision".
The CCCS, which released its proposed infringement decision on Thursday (July 5), said that the parties involved have 15 working days to make their representations.
Its proposed infringement decision included remedial actions such as Grab maintaining pre-acquisition pricing algorithms and driver commission rates until competition is revived in the market.