Daily Briefing: Authorities move on 'anti-competitive activity' on fuel retailers; Warburg Pincus to increase stake in ARA Asset Management

And Carousell to help SMEs digitise business.

From Channel News Asia:

Authorities will monitor and take action if there is evidence of “anti-competitive activity” amongst petrol retailers in Singapore, said Senior Parliamentary Secretary for Trade and Industry Tan Wu Meng.

This was after he was asked if oil companies in Singapore behave like an oligopoly and if the Ministry of Trade and Industry (MTI) would mandate oil companies to publish their lowest petrol and diesel prices after their best discounts.

Tan noted that a 2017 study by the then-Competition Commission of Singapore found that refined petrol costs accounted for less than one-third of the listed retail petrol price.

Major petrol retailers regularly monitor and respond to each other's prices and promotions, but that prices do not always "move in tandem" along petrol retailers, the senior parliamentary secretary said.

"The Competition and Consumer Commission of Singapore (CCCS) is monitoring closely and will take enforcement action should evidence of anti-competitive activity surface," Dr. Tan said.

Read more here.

From DealStreetAsia:

Global private equity firm Warburg Pincus will substantially increase its ownership in Singapore-based property manager ARA Asset Management up to 48.7%, according to a press statement.

The changes in shareholding will follow a series of secondary transactions that are expected to be completed by 31 May.

Along with Warburg Pincus, the other shareholders, namely Singapore businessman John Lim, Hong Kong-listed property developer CK Asset Holdings (CKAH), and Singapore conglomerate The Straits Trading, will also increase their ownership.

These shareholders will together hold 51.3% of the issued shares of ARA following the secondary transactions.

In April 2017, ARA delisted from SGX and subsequently expanded to global real estate markets such as Japan, Australia, Europe, and the US.

Read more here.

From e27:

Online classifieds marketplace Carousell launched the CarouBiz Booster Package that seeks to help 1,000 local retailers and service merchants in Singapore in digitising and growing their businesses online, according to an announcement. The initiative is supported by Enterprise Singapore.

From 25 May to 31 December, eligible merchants will receive a one-time 90% support from Enterprise Singapore when they sign up for the ​CarouBiz Booster Package​.

Each package is valued at $720.38 (US$508) before support and comprises a six-month ​CarouBiz subscription and $479.31 (US$338) worth of ​Carousell coins (marketing credits) to purchase additional seller ads and promotional tools on Carousell.

CarouBiz provides tools include video listings, custom collections for product categorisation, profile cover photo for branding, and premium seller badge for credibility.

Read more here.