HOLY CRAP: ComfortDelGro to buy 51% of Uber's car rental business in SG!!!

[scroobal]

One thing I do agree is that it is now a commercial race now that Temasek removed NTUC's political cloak from CDG after its investment in Grab.

By the way it is not an insinuation. Its a claim, and a direct one at that. Look at the Board of Directors of CDG. Tell me how many are not connected to the PAP. How did CDG end up with those particular individuals on the Board. Surely not divine intervention. Shareholding nominees are an interesting vehicle and always has served its purpose with no one better at it than the late Khoo Teck Puat.

Why do you think 6 PAP MPs got involved in the taxi association about 2 years ago and one took over CDG taxi businesses as the CEO in the last few months - bit of an overkill, fluke, coincidence, mirage etc?

If you think that NTUC has no connection to CDG and that NTUC is not connected to PAP, then it matters little to address this any further.

In Australia, both the PM and his wife on election put all their commercials interest in a blind trust or they are sold.

I think you folks need to stick to the topic at hand and not go on anti-PAP ranting in different directions.

This thread as per the title is to discuss CDG's 51% investment in LCCR, a subsidiary of Uber. All I am saying is the various insinuations of PAP malfeasance with regards to this investment are uncalled for as no public monies are involved in this investment either through Temasek, GIC or SLF as the government has no economic stake in CDG. This investment's success or failures will be borne solely by the shareholders of CDG of which the government is not.

I'm not sure why you guys are bringing up matters like political machinations within the National Taxi Association, PAP appointed NTUC Secretary General, Temasek investing a minor stake in Grab or other histories of GLCs. I agree on most of these observations anyway, but this doesn't change the fact that CDG is not a GLC and therefore its latest investment is not really of public interest.

As far the taxi drivers are concerned, they are more than happy for the competition to heat up as the rental deals get sweeter for them. There has been reports of widespread defection to the Grab + 5 Taxi Co.s because of better deals. I would expect CDG + Uber to fight back soon with comparable terms and conditions.

As far as the general public users are concerned, the best outcome would be neither group lands a KO punch and they continue to throw promo codes and discount schemes which gives all of us more choices and lower fares.

 

[CoffeeAhSoh]

.

more than 40 years of savings profits. in one shot cdg blew it all away to bail out. Uber. BTW how on earth did uber manage to loan more than s$1.5bn to buy those 14,000 new cars with coe?.

.

cdg would have let uber bleed further before stepping in. sad.

 

[scroobal]

Actually CDG had no choice as Grab marketing is far superior and note who are Grab's backers both internally and externally. NTUC because of its political DNA cannot bring in a professional FT from overseas. They had no choice but recruit a PAP MP. The reasons are are no different to why government will not give taxi licence to a non-citizen. It defeats their very existence. How would a lowly PAP MP CEO compete with 2 Harvard Alumni running Grab with Temasek and Didi backing them.

The only hope was to get into bed with Uber. There is also the fear that Uber because of its losses in the Singapore will exit the market as it did in China. Interestingly it was one of Grab's backers that kicked Uber out of China.

So both NTUC an Uber needed each other.

.
cdg would have let uber bleed further before stepping in. sad.

 

[hofmann]

.
BTW how on earth did uber manage to loan more than s$1.5bn to buy those 14,000 new cars with coe?.

good point, who loaned them the cash to buy 14,000 cars? sounds more and more like a bail out now.

 

[CoffeeAhSoh]

good point, who loaned them the cash to buy 14,000 cars? sounds more and more like a bail out now.

doent matter now

Mission Accomplished .

14,000 brand new cars with COE at

average S$60,000 per piece = 14,000x60,000 = S$840 M


LTA laughing to the bank for Christmas.


throw in Grab related brand new cars est 10,000 new cars with COE

Add another 10k x 60k = S$600M


LTA already abt S$1.5BN richer .


plus CDG makan Uber's App Technology...