In an indirect mock to former army general SMRT CEO Desmond Kuek, chairman of local taxi company Prime Neo Nam Heng told the media that he can make profits where SMRT is making losses and offered to buy over SMRT taxis units:
“When we bought their (SMRT’s TIBS Leasing) car rental business (in 2013), it was making losses. By the second year, we made it profitable. We’re definitely interested, but the question is how much they are willing to sell at.”
Speaking like a true blue businessman, the Prime chairman then revealed that competitor Grab offered to buy over his company last year but Prime wanted to take on the competition instead:
“Grab had made a similar offer to buy its taxi business some time last year, but we did not want to sell. We want to grow the business.”
SMRT CEO Desmond Kuek is still in talks with competitor Grab over the sale and is likely to compromise to Grab on a term – massive retrenchment of SMRT employees in the taxis operation unit. SMRT Taxis is the 3rd largest taxis operator in Singapore, but the former army general is calling it quits and he is unable to keep up with the technological advances of taxis booking in the industry.