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Ride hailing firm Grab secures up to $700 million in debt facilities

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SINGAPORE (Reuters) – Singapore-headquartered Grab, the main Southeast Asian rival of Uber Technologies Inc [UBER.UL], said on Friday it had secured debt facilities of up to $700 million to help expand its car rental programme.

Grab, which said the debt funding was a record for a southeast Asian startup, said the facilities were secured from global and regional banks.

FILE PHOTO: A Grab motorbike helmet is displayed during Grab’s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

Grab, whose leasing programme helps in growing its driver network, said it would have the largest car rental fleet in Southeast Asia by the fourth quarter of 2018.

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