KUALA LUMPUR, Sept 26 — Singapore-based ride-hailing firm Grab Holdings said it was working closely with the Malaysian Competition Commission that is investigating it for possible monopolistic practices.

Responding to a news report on MyCC saying it has stepped up the probe over the firm’s acquisition of rival Uber Technologies local network last year, Grab insisted it carried out the takeover in good faith and with the intention of improving public transport in Malaysia.

"To date, we have fully cooperated with MyCC in their request for information, and have not been made aware of any breach of competition laws since the acquisition in March 2018,” the firm said in a statement to Malay Mail.

It also argued that its role in helping develop the e-hailing industry has been beneficial to Malaysian consumers in general as well as other players in the sector indirectly.

Despite being viewed as a possible monopoly, Grab pointed out that the e-hailing sector was thriving with over two dozen players.

"Today, commuters in Malaysia continue to have the choice of getting from one point to another through public transport, street-hail taxis or more than 30 other licensed e-hailing apps,” it said.

Yesterday, Bloomberg reported MyCC chief executive officers Iskandar Ismail as saying his agency has stepped up its probe on Grab that began as a ride-hailing service but has since expanded into other logistics-related businesses.

Iskandar declined to specify, however, what the escalation entailed while Bloomberg said Grab had not responded when asked to comment at the time.

Grab took over the local operations of Uber in March last year and immediately sparked concerns that it would form a monopoly of the ride-hailing market.

In Malaysia, taxi operators have long railed against e-hailing providers over what they call unfair competition as the latter had been unregulated until recently.

The Transport Ministry has since introduced new rules and regulations to cover the entire hire car industry that also encompasses e-hailing, but drivers with these continue to enjoy more regulatory leeway that those operating taxis.