Ride hailing firm Grab secures up to $700 million in debt facilities

SINGAPORE (Reuters) – Grab, the main Southeast Asian rival of Uber Technologies Inc [UBER.UL], said on Friday it had secured debt facilities of up to $ 700 million to help it create the largest car rental program in southeast Asia.

FILE PHOTO: People wait for the start of Grab’s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

The company also said it had signed a partnership with Singaporean public transport operator SMRT, which will give it exclusive access to SMRT’s taxi and private car fleet management capabilities, along with its network of taxis and Strides private-hire cars.

It also said it would have the largest car rental fleet in Southeast Asia by the fourth quarter of 2018.

Reporting by Aradhana Aravindan; Editing by Edwina Gibbs

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