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Go-Jek and Grab put squeeze on major Indonesian taxi operator

Listed company Express faces falling sales and delays bond-interest payments

The disruption caused by ride-hailing services has put taxi companies in Indonesia into financial difficulties. (Photo by Shinya Sawai)

JAKARTA -- Sales at Express Transindo Utama have plummeted as Indonesia's second-largest taxi operator struggles to contend with the emergence of ride-hailing services Go-Jek and Grab. 

The figure for 2017 dropped to a third of its level in 2015, and earlier this year it emerged that the company had postponed bond-interest payments.

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