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What was moron Desmond Kuek thinking - expanding overseas?

C

Confuseous

Alfrescian (Inf)
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It shouldn’t have even tot of bidding because SMRT’s market capitalisation of S$2.3bn was only 30% more than reported bid price.. It’s finances are not in great shape either. At the end of its last financial yr, cash flow was negative and gearing stood at 65%, while it also suffered its first loss in its fare business.

It also has operational problems here.

So what were the ex-scholar and his fellow ex-SAF officers thinking?

Plenty of things to do in S’pore (including more reliable service) and it doesn’t need any distraction abroad,”

And going abroad in a political nightmare for the govt and SMRT: if it loses money, S’poreans will be screaming (rightly) that the public is subsidising their failure overseas.

The investment bank that brought a proposal to SMRT to bid should have been sent packing immediately, not entertained enough so that a staff member would leak that SMRT was planning to bid.

http://atans1.wordpress.com/2014/10...unaffordable-coes-should-make-sporeans-happy/
 
The country is screwed when you let generals run government linked companies!
 
hehe....not even a year as ceo already he has ambition the size of Genghis khan.

even saw piak hwa looks sane by comparison,at least she only tried to open up nasi lemak store in her mrt.
 
expanding overseas to make more money is understandable. But when you invest overseas, you got to be a lot shrewder. It not like in Singapore where you can bend rules and regulation and ask for fare increment yearly through your friendly Gerald Ee.

When you got to sell back your asset to government to show profitability in your books is always the last option, it does not look good on you.

Saw Phik Hua makes more sense then Desmond Lim. She renovate the place and make incomes from rental income from shops. She is much more practical then Desmond Lim.
 
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dat burger wants 2 emulate ah jinx ... :eek:

lose moni never mind 1 ... get oways ask mor from dat loon retard ...
 
You see... when you are a corporation hell bent on maximising profits, you don't really care about your obligations to society. That is an afterthought, an inconvenience.

I am reminded of how NTUC Fairprice had tried to set up shop in China, only to return with its tail between its legs. :cool:

From 2005...

http://www.adriantan.com.sg/a-merry-present-for-union-members/


FairPrice’s China hypermart joint venture bows out
Rescue deal offered by FairPrice but parties couldn’t agree on terms

(SINGAPORE) Nextmall, the China hypermarket venture of NTUC FairPrice, is shutting down after racking up nearly $80 million in debts and more than $40 million in losses over the three years since it was formed.

Nextmall’s eight hypermarket properties are being sold, which should help with debt repayment.

NTUC FairPrice International is writing off the US$12 million it paid for its 33.7 per cent stake in Nextmall. DBS Nominees, understood to be representing DBS Private Equity, holds a similar stake.

The rest of Nextmall is held by China billionaire Liu Yonghao’s New Hope Group, real estate developer Dahua, and Taiwanese entrepreneur Chang I-Chang, who owns the Apex group in Taiwan.

Nextmall provides merchandising, management and logistics services to China-incorporated hypermarket operator, Nextmart, for a fee.

‘We went in as financial investors to get a feel of China, and secondly to establish our purchasing office in China, which we have done,’ said FairPrice assistant general manager (investments) Victor Lim.

‘We were not involved in the day-to-day operations of Nextmall which were done by a local management team. It overextended itself, developing too many hypermarkets in a short span of time. In addition, Nextmall also ventured into two mall developments.’

That was partly how Nextmall racked up its debts. Nextmall’s management team is headed by Taiwanese Andrew Shen.

Nextmall owes suppliers $30 million; banks, including DBS’s Shanghai branch, $40 million; and the developer of a Nanjing property, $6.6 million.

‘FairPrice even offered a rescue package to assume the majority stake in Nextmall and take over the day-to-day running in order to reverse the losses, but we could not agree on the terms stipulated by the other shareholders,’ said Mr Lim.

Nextmall owned the Nanjing store and took long term leases of about 15 to 20 years each for the other seven hypermarket stores and malls.

It has so far disposed of two stores to Carrefour – in Shanghai’s Qipao district and in Nanjing. Nextmall has also assigned its long-term master lease in the mall where its Qipao hypermarket was located to Singapore’s CapitaLand group.

Nextmall has also divested its hypermarket store in Yuyao in Zhejiang province. It is finalising a deal to find buyers to take over its master leases for a mall and store in Shanghai’s Paoshan district and is in talks to sell three other hypermarket stores in Taizhuo, Shaoxing and Keqiao – all in Zhejiang.
Click to expand...
 
So i see. The IC has been changed but the direction is still the same.
 
Leongsam said:
Military men have an excellent track record when it comes to running companies.

It boils down to be being a good leader of men regardless of industry.

http://www.minyanville.com/business...-who-served-in-the-military/7/3/2012/id/41600
Click to expand...
at his previous rank, he should be running a few brigades or divisions, not only companies....
other than imbibing him with some business acumen and sense of purpose to ascertain his priorities (which is to provide top-notch tptn), i'm sure he'll turn out to be an industrious leader of the highest order.
afterall, he's a brig-gen, you know :p
 
It is all for the good of commuters, you see. When profits are made, commuters will have cheaper rides in Singapore.
 
mojito said:
It is all for the good of commuters, you see. When profits are made, commuters will have cheaper rides in Singapore.
Click to expand...

Cheaper rides? You wait long long. The wealth never trickles down, but any incurred losses will be pushed onto you. Expect more 'fare adjustments'. :D
 
Confuseous said:
It shouldn’t have even tot of bidding because SMRT’s market capitalisation of S$2.3bn was only 30% more than reported bid price.. It’s finances are not in great shape either. At the end of its last financial yr, cash flow was negative and gearing stood at 65%, while it also suffered its first loss in its fare business.

It also has operational problems here.

So what were the ex-scholar and his fellow ex-SAF officers thinking?

Plenty of things to do in S’pore (including more reliable service) and it doesn’t need any distraction abroad,”

And going abroad in a political nightmare for the govt and SMRT: if it loses money, S’poreans will be screaming (rightly) that the public is subsidising their failure overseas.

The investment bank that brought a proposal to SMRT to bid should have been sent packing immediately, not entertained enough so that a staff member would leak that SMRT was planning to bid.

http://atans1.wordpress.com/2014/10...unaffordable-coes-should-make-sporeans-happy/
Click to expand...




you actually think he got any power ah...............they're just puppets............go toilet also need Ah Loong's permission.........
 
GOD IS MY DOG said:
you actually think he got any power ah...............they're just puppets............go toilet also need Ah Loong's permission.........
Click to expand...

Well he chartered the goddam trains without approval and the LTA even backed down later.this shows he's one big fuck.
 
Desmond the idiot wants to prove his "capability" after the endless smrt screwed up.
Sadly, his attempt to prove will cost the taxpayers an arm and a leg.
Then again, he's thinking "Not my MONEY what!"
 
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