07:28 AM EDT, 07/11/2024 (MT Newswires) -- Singapore's competition watchdog said Thursday that Grab Holdings' ( GRAB ) proposed acquisition of rival Trans-cab Holdings would likely result in a "substantial" decrease of competition in the ride-hailing market and may violate antitrust laws.

The city-state's Competition and Consumer Commission found that the acquisition would "entrench and strengthen Grab's already dominant position" in the ride-hail business, diminishing the choices of both drivers and passengers.

The commission said it welcomed ideas from Grab and others to address its concerns within the next 10 working days, after which it will issue a decision on the acquisition.