DOCSLIB.ORG

ANNUAL REPORT 2019 Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ANNUAL REPORT 2019 Contents (Formerly known as Kakiko Group Limited) (Incorporated in the Cayman Islands with members’ limited liability) Stock code: 2225 ANNUAL REPORT 2019 Contents Contents Page Corporate Information 2 Chairman’s Statement 4 Management Discussion and Analysis 5 Biographical Details of Directors and Senior Management 13 Corporate Governance Report 18 Report of the Directors 33 Environmental, Social and Governance Report 45 Independent Auditor’s Report 58 Consolidated Statement of Profit or Loss and Other Comprehensive Income 65 Consolidated Statement of Financial Position 66 Consolidated Statement of Changes in Equity 68 Consolidated Statement of Cash Flows 69 Notes to the Consolidated Financial Statements 71 Four Years Financial Summary 151 Annual Report 2019 01 Corporate Information Corporate Information BOARD OF DIRECTORS Nomination Committee Executive Directors Mr. Chen Guobao (Chairman) (appointed on 19 July 2019) Mr. Chen Guobao (Chairman) Mr. Li Yunping (appointed on 19 July 2019) (appointed on 19 July 2019) Mr. Yan Jianjun (appointed on 19 July 2019) Mr. Wang Zhenfei (Chief Executive Officer) Mr. Fan Yimin (appointed on 19 July 2019) (appointed on 19 July 2019) Mr. Lau Kwok Fai Patrick Mr. Kuah Ann Thia (resigned on 19 July 2019) Mr. Lam Raymond Shiu Cheung Ms Dolly Hwa Ai Kim (resigned on 19 July 2019) (also known as Ms. Dolly Ke Aijin) Mr. Ong Shen Chieh (resigned on 19 July 2019) (resigned on 19 July 2019) Remuneration Committee Non-executive Director Mr. Yan Jianjun (Chairman) (appointed on 19 July 2019) Mr. Yang Fu Kang (Deputy Chairman) Mr. Wang Zhenfei (appointed on 19 July 2019) (appointed on 19 July 2019) Mr. Jiang Jiangyu (appointed on 19 July 2019) Mr. Li Yunping (appointed on 19 July 2019) Mr. Fan Yimin (appointed on 19 July 2019) Mr. Wang Huasheng (appointed on 19 July 2019) Mr. Lau Kwok Fai Patrick Mr. Jiang Jiangyu (appointed on 19 July 2019) Mr. Ong Shen Chieh (resigned on 19 July 2019) Mr. Lu Yong (resigned on 19 July 2019) Mr. Lam Raymond Shiu Cheung (resigned on 19 July 2019) Independent Non-executive Directors COMPANY SECRETARY Mr. Yan Jianjun (appointed on 19 July 2019) Mr. Fan Yimin (appointed on 19 July 2019) Mr. Wong Man Yiu (appointed on 1 November 2019) Mr. Lau Kwok Fai Patrick Mr. Cheung Ka Chun (appointed on 28 June 2019 Mr. Ong Shen Chieh and resigned on 1 November 2019) (also known as Mr. Wang Shengjie) Mr. Chan Yip Wang (appointed on 2 March 2019 (resigned on 19 July 2019) and resigned on 28 June 2019) Mr. Lam Raymond Shiu Cheung Mr. Kwok Siu Man (resigned on 2 March 2019) (resigned on 19 July 2019) AUTHORISED REPRESENTATIVES Audit Committee Mr. Wang Zhenfei Mr. Yan Jianjun (Chairman) Mr. Wong Man Yiu (appointed on 19 July 2019) Mr. Yang Fu Kang (appointed on 19 July 2019) INDEPENDENT AUDITOR Mr. Wang Huasheng (appointed on 19 July 2019) Mr. Fan Yimin (appointed on 19 July 2019) Foo Kon Tan LLP Mr. Lau Kwok Fai Patrick (a principal member of HLB International) Mr. Ong Shen Chieh (resigned on 19 July 2019) Public Accountants and Mr. Lam Raymond Shiu Cheung Chartered Accountants, Singapore (resigned on 19 July 2019) 24 Raffles Place #07-03 Clifford Centre Singapore 048621 (Partner-in-charge: Mr. Toh Kim Teck) 02 Jinhai International Group Holdings Limited Corporate Information LEGAL ADVISER HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE As to Hong Kong law Wan & Tang Boardroom Share Registrars (HK) Limited Solicitors of Hong Kong Room 2103B, 21/F 23/F, Somptueux Central 148 Electric Road 52 Wellington Street North Point, Hong Kong Central, Hong Kong PRINCIPAL BANKERS REGISTERED OFFICE Shanghai Pudong Development Bank Co. Ltd. Vistra (Cayman) Limited – Hong Kong Branch P. O. Box 31119 30/F, SPD Bank Tower Grand Pavilion, Hibiscus Way 1 Hennessy Road 802 West Bay Road, Grand Cayman Hong Kong KY1-1205 Cayman Islands DBS Bank Ltd HEADQUARTERS AND PRINCIPAL 12 Marina Boulevard PLACE OF BUSINESS IN SINGAPORE Marina Bay Financial Centre Tower 3 Singapore 018982 21B Senoko Loop Singapore 758171 OCBC Bank Ltd 65 Chulia Street PRINCIPAL PLACE OF BUSINESS IN OCBC Centre HONG KONG Singapore 049513 Room 2503, Cosco Tower United Overseas Bank Limited 183 Queen’s Road Central 1 Tampines Central 1 Sheung Wan, Hong Kong #02-03 UOB Tampines Centre Singapore 529539 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE LISTING INFORMATION Ocorian Trust (Cayman) Limited Place: Main Board of The Stock Exchange of PO Box 1350 Hong Kong Limited Clifton House Stock code: 2225 75 Fort Street Board lot: 5,000 shares Grand Cayman KY1-1108 Cayman Islands COMPANY WEBSITE https://www.jin-hai.com.hk/ Annual Report 2019 03 Chairman’s Statement Chairman’s Statement On behalf of the Board of Directors (the “Board”), I am pleased to present the annual report of Jinhai International Group Holdings Limited (the “Company”) and its subsidiary corporations (collectively, the “Group”) for the financial year ended 31 December 2019 (the “Year” or “FY2019”). YEAR IN REVIEW FY2019 was a bittersweet year for the Group as the global economy was laden with uncertainties arising from the US-China trade war and the industry continues to remain competitive. Against this backdrop, the Singapore economy was not spared with a real GDP growth rate of just 0.7% year-on-year as compared to 3.4% recorded a year ago. Notwithstanding these adverse factors, the construction sector in Singapore recorded a 2.6% year-on-year growth on the back of increased demand. The Group posted a 9.4% increase in revenue to approximately S$51.9 million for FY2019, driven mainly by an increase in construction demand and the charge-out rate of foreign workers under its manpower outsourcing segment. This has led to a significant improvement in profit before taxation for the Year under review. LOOKING AHEAD Several unprecedented events have dampened market sentiments as we enter into 2020. Besides geopolitical tensions and a weakening global economy, the emergence of the COVID-19 pandemic has become one of the biggest disruptors, creating uncertainty and placing global economic and social resilience to the test. The near-term outlook for the construction sector in Singapore is bleak as the lockdowns and travel restrictions implemented by other countries disrupted the supply chain, adversely affecting some construction projects. The degree of impact of the pandemic on the Group’s business and financial performance cannot be determined now as the pandemic may persist for quite some time before it subsides. The Board is monitoring the situation closely and will keep shareholders informed of material developments as and when they arise. A NOTE OF APPRECIATION On behalf of the Board, I would like to express my heartfelt appreciation to our shareholders, customers, business associates, management and staff for the continuing and unwavering support through the years. Chen Guobao Chairman and Executive Director Hong Kong, 30 March 2020 04 Jinhai International Group Holdings Limited Management Discussion and Analysis Management Discussion and Analysis BUSINESS REVIEW AND OUTLOOK The Group is a Singapore-based service provider and mainly provides manpower outsourcing and ancillary services to building and construction contractors in the Republic of Singapore (“Singapore”). To a lesser extent, the Group also provides dormitory services, IT services and construction ancillary services (which comprise warehousing services, cleaning services and building maintenance works) in Singapore. The Group commenced the business of providing manpower outsourcing services in Singapore in 2006. For the Year under review, the Group recorded revenue of approximately S$51.9 million, an increase of approximately 9.4% over the previous year, benefiting from the recovery in Singapore’s construction demand in 2019. In addition, gross profit increased by approximately 39.3% to approximately S$12.4 million in FY2019 from approximately S$8.9 million in FY2018, while gross profit margin increased from approximately 18.7% in FY2018 to approximately 23.8% in FY2019. In January 2020, the Building and Construction Authority of Singapore projected the total construction demand to range between S$28 billion and S$33 billion in 2020, of which public sector construction demand is expected to reach between S$17.5 billion and S$20.5 billion. This is about 60% of the projected demand for 2020. Public sector construction demand is expected to be spurred by major infrastructure projects, such as the Integrated Waste Management Facility, infrastructure works for Changi Airport Terminal 5, Jurong Region MRT Line and Cross Island MRT Line. Although this may potentially translate into greater business opportunities for the Group, we remain cautious and expect to face some headwinds in 2020 given the recent outbreak of the novel coronavirus (the “Coronavirus”) which affected the demand for manpower for construction works due to construction projects schedule delays amidst disruption to construction materials supply. On the other hand, it is expected that the supply of manpower for construction works may be affected as a result of increased sick leave due to health advisories on medical leave of up to 5 days for workers with respiratory symptoms and unfounded fears of the Coronavirus. Under such circumstances, the Group has taken proactive steps to minimise any negative economic impact on its manpower outsourcing business in Singapore. The aforesaid impact which was beyond the control of the Group, may adversely affect the financial results of the Group for the six months ending 30 June 2020. The Board will continue to assess the impact of the Coronavirus on the Group’s business operations and financial performance and closely monitor the Group’s exposure to the risks and uncertainties in connection with the Coronavirus. SIGNIFICANT EVENT In May 2019, Full Fortune International Co., Ltd (“Full Fortune”) agreed to acquire 632,500,000 shares of the Company, representing approximately 51.42% of the issued share capital of the Company as at the date of the joint announcement dated 31 May 2019 from the then shareholders of the Company at a total consideration of approximately HK$257.1 million.
Load more

Recommended publications
  • Special Assistance for Project Implementation for Bangkok Mass Transit Development Project in Thailand
    MASS RAPID TRANSIT AUTHORITY THAILAND SPECIAL ASSISTANCE FOR PROJECT IMPLEMENTATION FOR BANGKOK MASS TRANSIT DEVELOPMENT PROJECT IN THAILAND FINAL REPORT SEPTEMBER 2010 JAPAN INTERNATIONAL COOPERATION AGENCY ORIENTAL CONSULTANTS, CO., LTD. EID JR 10-159 MASS RAPID TRANSIT AUTHORITY THAILAND SPECIAL ASSISTANCE FOR PROJECT IMPLEMENTATION FOR BANGKOK MASS TRANSIT DEVELOPMENT PROJECT IN THAILAND FINAL REPORT SEPTEMBER 2010 JAPAN INTERNATIONAL COOPERATION AGENCY ORIENTAL CONSULTANTS, CO., LTD. Special Assistance for Project Implementation for Mass Transit Development in Bangkok Final Report TABLE OF CONTENTS Page CHAPTER 1 INTRODUCTION ..................................................................................... 1-1 1.1 Background of the Study ..................................................................................... 1-1 1.2 Objective of the Study ......................................................................................... 1-2 1.3 Scope of the Study............................................................................................... 1-2 1.4 Counterpart Agency............................................................................................. 1-3 CHAPTER 2 EXISTING CIRCUMSTANCES AND FUTURE PROSPECTS OF MASS TRANSIT DEVELOPMENT IN BANGKOK .............................. 2-1 2.1 Legal Framework and Government Policy.......................................................... 2-1 2.1.1 Relevant Agencies....................................................................................... 2-1 2.1.2
    [Show full text]
  • Market Strategy Market Strategy
    Singapore Equity Strategy 14 December 2020 Market Outlook | Market Strategy Market Strategy Rising Optimism Comes With Some Risks Stocks Covered 53 Rating (Buy/Neutral/Sell): 36 / 14 / 3 Last 12m Earnings Revision Trend: Negative Expect equity underperformance to reverse. We expect the Straits Singapore sector ratings Times Index (STI) to reverse its underperformance relative to Asian peers OVERWEIGHT Consumer, Gloves, Industrials, Land in 2021 on increasing optimism around improvement in economic activity, Transport sustained improvement in private consumption, strong improvement in Mfg. & Technology, Real Estate, REITs business confidence as vaccines become available in late 2H21, and NEUTRAL Commodities, Financials, Gaming greater investor participation amidst a return of funds flow to Asia. Telecommunications Optimism on improvement in economic activity. Underpinned by easy NOT RATED Healthcare, Offshore & Marine monetary policy, overflowing benefits from the fiscal stimulus announced in 2020 and gradual reopening of the economy as domestic COVID-19 pandemic remains under control, Singapore should deliver 5.5% GDP Analyst growth in 2021. We expect private consumption to continue improving and Shekhar Jaiswal business confidence to turn positive closer to vaccine availability. This +65 6320 0806 should translate to strong profit growth and improved investor sentiment. [email protected] Signs of strong earnings growth; first earnings upgrade. Expectations of GDP growth over the next 12 months should be positive for STI as the index’s forward EPS growth and returns are closely correlated with Singapore’s GDP growth. In addition, 3Q20 earnings/business updates offered hope that Street has been too conservative on the STI’s earnings outlook. STI’s 12 month forward EPS estimate has been lifted by 5% since end Sep-2020.
    [Show full text]
  • BRC Asia Limited
    BRC Asia Light at the end of the tunnel SINGAPORE | INDUSTRIAL | INITIATION 22 February 2021 BUY (Initiation) ▪ Record earnings of S$42mn and S$45mn expected for FY21e and FY22e respectively. LAST CLOSE PRICE SGD 1.590 ▪ Construction demand is expected to recover to S$23bn – S$28bn in 2021 recovering from FORECAST DIV SGD 0.060 the S$21.3bn in 2020. Their huge market share of 70% means BRC is well positioned to TARGET PRICE SGD 1.870 capitalise on the growth. TOTAL RETURN 21.4% ▪ Potential for dividend payout to recover from FY21e and FY22e. COMPANY DATA ▪ Initiate coverage with BUY recommendation and target price of S$1.87. Our TP is derived BLOOMBERG CODE: BRC SP based on 11x FY21e P/E, a 15% discount to it’s 10-year historical average P/E on account of O/S SHARES (MN) : 244 the uncertain environment. MARKET CAP (USD mn / SGD mn) : 293 / 388 52 - WK HI/LO (SGD) : 1.72 / 1 3M Average Daily T/O (mn) : 0.39 Company Background Post the acquisition of Lee Metal in June 2018, BRC Asia is now the largest steel reinforcement MAJOR SHAREHOLDERS (%) supplier in Singapore with a dominating 70% market share. ESTEEL ENTERPRISE 71.9% Investment Merits PRICE PERFORMANCE (%) 1. Record earnings expected for FY21e and FY22e. We project record profit for FY21e 1MTH 3MTH 1YR and FY22e at S$42mn and S$45mn respectively on the back of a general recovery in COMPANY 1.3 26.2 (2.3) the construction sector. We estimate that construction activity has resumed to about STI RETURN 1.9 (7.9) 1.5 75% of pre-COVID 19 levels at the moment, and we expect this to go up to 80% by June PRICE VS.
    [Show full text]
  • Cross-Border Barriers to the Development of HSR Projects: Analysis of the Singapore- Kuala Lumpur High Speed Rail Link
    Cross-border Barriers to the Development of HSR Projects: Analysis of the Singapore- Kuala Lumpur High Speed Rail Link by Iori Mori B.S., Mechanical Engineering Keio University, 2005 M.S., School of Integrated Design Engineering Keio University, 2007 Submitted to the Engineering Systems Division in Partial Fulfillment of the Requirements for the Degree of Master of Science in Technology and Policy at the Massachusetts Institute of Technology June 2014 © 2014 Massachusetts Institute of Technology. All rights reserved Signature of Author ___________________________________________________________________________________________ Technology and Policy Program, Engineering Systems Division May 22, 2014 Certified by ____________________________________________________________________________________________________ Joseph M. Sussman JR East Professor of Civil and Environmental Engineering and Engineering Systems Thesis Supervisor Accepted by ____________________________________________________________________________________________________ Dava J. Newman Professor of Aeronautics and Astronautics and Engineering Systems Director, Technology and Policy Program Cross-border Barriers to the Development of HSR Projects: Analysis of the Singapore- Kuala Lumpur High Speed Rail Link by Iori Mori Submitted to the Engineering System Division on May 22, 2014, in partial fulfillment of the requirements for the degree of Master of Science in Technology and Policy Abstract It is widely recognized that the benefits of High Speed Rail (HSR) such as a driving force of the economy, helps us to reshape the activities of people and business. These benefits were brought to light for its reliability, safety, punctuality and environmentally sustainability compared to other transport alternatives. Given this myriad of advantages, there is a question why there are only small numbers of border crossing HSR exists in Europe and Southeast Asia though both areas place great emphasis on further integration of the region.
    [Show full text]
  • Ipoh to Kuala Lumpur Train Schedule
    Ipoh To Kuala Lumpur Train Schedule Involutional and maledictory Demosthenis chunter while subentire Yacov overbook her bookcase earnestly and counterbore somnolently. Unbenignant Clarence bonds gyrally while Thorny always dehydrogenating his Pissarro thermalize pestilentially, he flite so blackguardly. Barest Connie practice accordingly. You manage related posts from trees being purchased from tomorrow, to schedule interval could not work with tripadvisor travelers whose schedules change your print my travels Your nickname, the Mailchimp Launchpad Academy for information technology and computer science majors has become an example of the kind of experiential learning Clayton State is known for. Farley Post Office on Eighth Avenue, natural hot spring, yes you can book normal class tickets from Ipoh to KL Sentral. Beside trains you will often find bus connections. LIRR Stations with Unrestricted Weekend Parking. PSMB will not compromise the act of submitting false information to PSMB. Dropdowns per each week. Other than being a transport hub, the only way how to get to KL is to travel by bus, so the only option left is to take bus from TBS to Sungai Bentayan Bus Terminal in Muar. Custom Element is not supported by this version of the Editor. Malaya followed this style and shared many similar features. Batu Caves in Kuala Lumpur. Flash it again when the conductor comes through the train to check for tickets. All northbound KTM trains terminate at Padang Besar. The main KTM railway line, arranging content in a readable and attractive way. Seremban ktm ticket as kuala pilah, train to our comparison railways limited selection. The Schedule of Classes is subject to change.
    [Show full text]
  • Singapore Property
    Singapore Industry Focus Singapore Property Refer to important disclosures at the end of this report DBS Group Research . Equity 19 Feb 2019 STI : 3,265.97 “Godzilla II” is here Analyst • The 1,410-unit Florence Residences by Logan Property Rachel TAN +65 6682 3713 reportedly drew some 4k viewers [email protected] • Indicative ASP is from S$1,400psf vs new launches Derek TAN +65 6682 3716 nearby in 2018 at S$1,500psf to S$1650psf [email protected] • Interest from upgraders and investors in the vicinity • Conversion of interest to actual purchase is key 1,410-unit Florence Residences launched for viewing. STOCKS Property launches resumed after the CNY holidays, starting 12-mth with one of the gigantic developments slated for launch this Price Mkt Cap Target Price Performance (%) year. The 1,410-unit Florence Residences by Logan Property S$ US$m S$ 3 mth 12 mth Rating opened its doors for a preview over the weekend, which CapitaLand 3.34 10,248 3.62 6.4 (6.4) BUY reportedly drew some 4000 viewers, according to EdgeProp, City Developments 9.49 6,344 9.50 13.7 (25.4) HOLD and viewers had to queue to enter the mock-up units. The UOL Group 6.65 4,131 7.15 7.8 (20.3) HOLD Frasers Property 1.70 3,650 1.98 4.3 (13.7) BUY project is expected to open for ballot / sale on 2 March 2019. LtdRoxy -Pacific 0.41 394 0.39 6.5 (19.5) HOLD ChipHoldings Eng Seng 0.70 323 0.75 (2.8) (26.7) HOLD Florence Residences is located between Kovan MRT and Hougang Interchange MRT stations (an interchange for the Source: DBS Bank, Bloomberg Finance L.P.
    [Show full text]
  • Re-Imagining Urban Movement in Singapore: at the Intersection Between a Nature Reserve, an Underground Railway and an Eco-Bridge
    Cultural Studies GENERAL ARTICLE Review Re-Imagining Urban Movement in Singapore: Vol. 25, No. 2 At the Intersection Between a Nature Reserve, December 2019 an Underground Railway and an Eco-Bridge Jamie Wang University of Sydney Corresponding author: Jamie Wang: School of Philosophy and Historical Inquiry, Faculty of Arts and Social Sciences, University of Sydney, [email protected] DOI: https://doi.org/10.5130/csr.v25i2.6213 Article history: Received 23/07/2018; Revised 21/10/2019; Accepted 25/10/19; Published © 2019 by the author(s). This 22/11/2019 is an Open Access article distributed under the terms of the Creative Commons Attribution 4.0 International Abstract (CC BY 4.0) License (https:// creativecommons.org/licenses/ In 2013, the Singapore government announced a plan to build the Cross Island Line (CRL), by/4.0/), allowing third parties the country’s eighth Mass Rapid Transit train line. Since its release, the proposal has caused to copy and redistribute the material in any medium ongoing heated debate as it involves going underneath Singapore’s largest remaining reserve: or format and to remix, the Central Catchment Nature Reserve. Following extended discussions with environmental transform, and build upon the groups, the transport authority later stated that they would now consider two route options: a material for any purpose, even direct alignment running underneath the Central Reserve, and an alternative route that skirts commercially, provided the original work is properly cited the reserve boundary. The authority warned that the skirting option could increase the and states its license. construction cost significantly and cost commuters an extra few minutes of travel time.
    [Show full text]
  • Manufacturing Drives 4Q20 GDP Recovery, but Services Sluggish
    January 4, 2021 Singapore Economics Manufacturing Drives 4Q20 GDP Recovery, But Services Sluggish Analysts 2020 GDP Contraction Largest in Singapore’s History GDP growth improved in the fourth quarter as manufacturing surged, but services Chua Hak Bin saw a sluggish and uneven recovery due to safety measures and border controls. (65) 6231 5830 GDP fell by -3.8% in 4Q from a year ago (vs. upward revised -5.6% in 3Q). On a [email protected] quarter-on-quarter seasonally adjusted basis, GDP rose by +2.1%, significantly Lee Ju Ye slower than the +9.5% rebound in 3Q. Full year 2020 GDP growth came in at -5.8% (65) 6231 5844 (vs. +0.7% in 2019), the largest annual decline since independence. This is in line [email protected] with our -5.7% forecast but above the -6.5% to -6% range predicted by MTI in November. Manufacturing Outperforms, Construction Improving ECONOMICS Manufacturing (+9.5% vs. +10.8% in 3Q) charged ahead, driven by the electronics, biomedical manufacturing and precision engineering clusters which offset the declines in transport engineering and general manufacturing. The 4Q advance estimate implies that industrial production surged by +13.1% in Dec (vs. +17.9% in Nov). Manufacturing defied recession in 2020, staging a +7.1% jump (vs. -1.4% in 2019) on high demand for semiconductors & related equipment and pharmaceuticals. We expect the sector to continue growing in 2021 but at a slower pace of around +3.2%. Singapore Construction (-28.5% vs. -46.2% in 3Q) improved as more activities resumed, but remains significantly below pre-pandemic levels.
    [Show full text]
  • Exploring Evolving Programs in Architecture
    EXPLORING EVOLVING PROGRAMS IN ARCHITECTURE: A DETAILED ANALYSIS AND DESIGN FOR FUTURE PROOFING SINGAPORE’S CHANGI AIRPORT. A DARCH PROJECT SUBMITTED TO THE GRADUATE DIVISION OF THE UNIVERSITY OF HAWAI‘I AT MĀNOA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF ARCHITECTURE MAY 2017 By Jin Kyung Pak DArch Committee: Lance Walters, Chairperson Edoardo Biagioni Soo Youn Park Keywords: Jin Kyung Pak, Architecture, Technology, Changi Airport, design Acknowledgements I would like to thank my advisor and chairperson, Lance Walters, whose patients, expertise, and support have helped me through the numerous obstacles faced throughout the dissertation. Similarly, I would like to extend the same sentiments towards my committee members, Edoardo Biagioni and Soo Youn Park. Thank you for your flexibility and guidance which has aided me in every phase of the dissertation. To my professors, studio mates, and colleagues, I would like to recognize the many laughs, complaints, and long nights we all shared/endured together. Without you all, I would not be the person I am today. To all my friends, thank you for the encouragement and support. The many laughs, late night conversations, and tears we shared mean all the world to me. You gave me the strength to persevere. Most importantly, I would like to thank my parents and brother, Song Ok Pak, Chan Hwang Pak, and Jin Bae Pak, who have continued to support me in all ways possible. For always believing in the best of me, your continued and i unwavering faith is impossible to reciprocate. In all that we do, give thanks.
    [Show full text]
  • Issue 7, May 2016
    Mafex corporate magazine Spanish Railway Association Issue 7. May 2016 EUROPEAN SMEs They are the basic structure of productive activity and, Spanish SMEs in particular, play a decisive role in the value chain of the rail industry worldwide MIDDLE EAST AND OMAN FAIR SINGAPORE, AUSTRALIA AND MALAYSIA INTERVIEW: PHILIPPE CITRÖEN Active participation of Mafex and its Three destinations with a strong rail The General Director of UNIFE analyses members during March investment for the coming years the European railway situation MAFEX ◗ Table of Contents PHILIPPE CITRÖEN / EDITORIAL The General Director of UNIFE 05 (European Railway Association) analyses the railway situation in 06 / MAFEX INFORMS Europe. XV EXPORAIL MEXICO 2016 The association was present in the most important railway 22 / DESTINATON event in Mexico, which was SINGAPORE, MALAYSIA Y AUSTRALIA attended by a large group of Spanish The three countries are investing companies. heavily in rail to significantly improve BUY AMERICA their network. MIDDLE EAST RAIL FAIR 2016 AND VISIT TO OMAN MTC The association addressed the IN DEPTH Spain Spanish railway sector relations with 44/ the Middle East during March. EUROPEAN SMEs MTC Promoters of international business, USA MTC ASIA PACIFIC RAIL FAIR 2016 AND small and medium-sized enterprises China VISIT TO TAIWAN require assistance to address During the first half of the year, competitiveness and development. Mafex is conducting various MTC promotional activities in this region. India INSTITUTIONAL DELEGation to SWEDEN Along with a dozen railway companies, the Association was part of the official visit of Deputy Minister of Economic Development and Competitiveness of the Basque Country to Sweden.
    [Show full text]
  • The World Bank Halcrow Group Limited
    The World Bank A Tale of Three Cities: Urban Rail Concessions in Bangkok, Kuala Lumpur and Manila Final Report 2nd December 2004 Halcrow Group Limited This paper was commissioned for the ADB-JBIC-World Bank East Asia and Pacific Infrastructure Flagship Study. The views expressed are those of the author only The World Bank A Tale of Three Cities: Urban Rail Concessions in Bangkok, Kuala Lumpur and Manila Report 2nd December 2004 Halcrow Group Limited Halcrow Group Limited Vineyard House 44 Brook Green London W6 7BY Tel +44 (0)20 7602 7282 Fax +44 (0)20 7603 0095 www.halcrow.com Halcrow Group Limited has prepared this report in accordance with the instructions of their client, The World Bank, for their sole and specific use. Any other persons who use any information contained herein do so at their own risk. © Halcrow Group Limited 2004 Halcrow Group Limited Vineyard House 44 Brook Green London W6 7BY Tel +44 (0)20 7602 7282 Fax +44 (0)20 7603 0095 www.halcrow.com Contents Executive Summary ES1 ES.1 The Case Study Experience ES1 ES.2 Future Policy ES2 ES.3 Problems to be Avoided ES6 ES.4 Best Practices to Pursue ES7 PART A THE CASE STUDY EXPERIENCE 1 1 Introduction 1 1.1 The Report 1 1.2 Our Approach 1 1.3 Rationale for MRT Systems 2 1.4 Structure of the Report 3 2 The Concession Projects 4 2.1 Introduction 4 2.2 The City Environments 4 2.3 The Concession Projects 5 2.4 Development of the Projects 8 3 Assessment of the Concession Projects 13 3.1 Basis of Assessment 13 3.2 Has a Beneficial Private Concession MRT Project been Implemented?
    [Show full text]
  • Pasir Ris 8 Show Gallery +65 61002500
    Artist’s Impression Artist’s Impression RIVIERA (U/C) n o o g n ra e S Towards Punggol Pasir Ris Digital District Park ELIAS i p 2 A 1 (U/C) i p A i e ir Ris Dr s g n Pa u S To Pasir Ris Park via Central s Greenway e n i Pasir Ris p m Wafer Fab a Tampines Park T Pa i Wafer Fab si Town Plaza e r Ris g Park with Heritage n u Dr Cross Island Line 3 Garden S Pa (upcoming) sir Ris Dr New Air-Conditioned 1 Bus Interchange Existing Pasir Ris Pasir Ris Dr 3 8 r Bus Interchange Loyang D s Industrial Estate i l R a r r i t s n a e P C PASIR RIS is R r (U/C) si Pa PASIR RIS LOYANG 8 Pasir Ris (U/C) Town Park Pasir Ris Dr 1 TAMPINES asir Ris Dr P AVIATION NORTH PARK (U/C) (U/C) PASIR RIS EAST (U/C) LEGEND Park Connector/ Cycling Route Tampines Eco Green Park Connector/ Park Cycling Route (new) Park Waterbody Towards Upcoming New Town (Paya Lebar Air Base) East-West Line Downtown Line Cross Island Line (upcoming; subject to change) CHANGI AIRPORT Central Greenway (upcoming) TAMPINES TAMPINES Towards Changi EAST Business Park TAMPINES N 0M 100M 500M 1KM RESSWAY EXP ND LA IS AN P Artist’s Impression Artist’s Impression For Illustration Only For Illustration Only For Illustration Only For Illustration Only Artist’s Impression Upcoming Central Greenway that bridges Pasir Ris 8 to Pasir Ris Park and Beach Artist’s Impression Direct access to Cross Island Line via Pasir Ris Mall Changi Point Ferry Terminal Changi Changi Point Sailing Club Waterfront
    [Show full text]