Premier, once owned by the scions of the Chua family, which started Mercedes-Benz dealer Cycle & Carriage more than 100 years ago, was sold to vehicle trading group Carros Project Management in August 2022 for an undisclosed sum.SMRT, which was reported to be in talks to sell its taxi business to ride-hailing firm Grab in 2017, has 1,537 taxis as at end-February. Its taxi and private-hire businesses now operate under the brand name Strides.
A new joint venture company, Strides Premier, will be formed, with Strides Holdings having a majority stake in Strides Premier and Premier Corp and BS Investors, a property investment holding company, jointly holding the remaining stake. Singapore’s taxi industry has been decimated by ride-hailing firms, which entered the country a decade ago.
Raymond Ng, founder of BS Capital Group, said: “After acquiring Premier Taxis last year, we see this merger as an opportunity for further growth.”Commenting on the merger, former MP Ang Hin Kee said market contestability only works when competitors are of equivalent competing sizes.