GRAB Philippines on Tuesday said a report by American news company CNBC that Uber was preparing to sell its Southeast Asian division to Singapore’s Grab was just “rumor and speculation” as of now.
“We currently do not have any comment on rumors and speculations regarding this issue,” Grab Philippines Government Communications Manager Fiona Nicolas told The Manila Times in a text message.
“We will update you should we have related news,” Nicolas added.
Earlier, CNBC reported that Uber was preparing to sell its business in the Southeast Asian region to Grab in exchange for a stake in the Singapore-based company.
“No deal has been reached yet, and the timing of any such deal is uncertain,” the CNBC report said, quoting sources with knowledge of the matter.
According to the CNBC report, the move is part of Uber’s plan to reel in its costs ahead of an initial public offering as soon as next year.
Meanwhile, Grab has announced a partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC) to raise additional funds to support vulnerable communities, including those affected by disasters.
The partnership will allow Grab users to donate to IFRC their GrabRewards through their smartphone app.
“Southeast Asia is one of the world’s most vulnerable regions for disasters while a wide number of people are still struggling to access food, safe water, health services or basic livelihoods,” GrabPay Southeast Asia Managing Director Jason Thompson said.
“Working together with the Red Cross and Red Crescent to fund their programs and help people in crisis or despair echoes our mission to drive Southeast Asia forward,” he added.