ComfortDelGro Corp and ride-hailing firm Uber have agreed to dissolve the strategic agreement that they entered into last December.
As a result, ComfortDelGro will no longer be acquiring the 51% stake in Uber's wholly owned car rental subsidiary in Singapore, Lion City Holdings. Consequently, the application to the Competition and Consumer Commission of Singapore will be withdrawn.
ComfortDelGro Chief Executive Yang Ban Seng said, "The operating environment has changed and the basis on which we were supposed to form the partnership is no longer relevant, given that Uber has exited the region. Nevertheless, the group still has every intention to go into the private-hire vehicle space as we see the increasing convergence of private-hire vehicles and taxis in the personalised mobility market."
