[/caption]
Let me start off by saying that Tat Hong’s office is extremely hard to locate and get to, and for me, using public transport meant that I had to figure out which MRT station was the nearest to Tat Hong so that I could minimize my cab fares in. It was only when I got there that I realized I could have taken a bus and alighted along Woodlands Road, then walked in along a narrow path beside a canal ! Anyhow, it was a good learning experience for me on how to navigate my way around Singapore.
The AGM started somewhat punctually, at about 10:05 a.m. with more shareholders trickling in close to ten o’clock. The room used for the AGM was a very simple room, spartan yet well-equipped; and it had some old equipment lying around, which gave it the semblance of having been used as a storage room once upon a time. Immediately outside this room was a pantry area with chairs, tables and a long table where the food and drinks were located. The whole atmosphere looked and felt cosy and homely, unlike the usual business-like settings during other AGMs, which are held in conference rooms or large board rooms with slide projectors.
Meeting the Board of Directors and Management Team for the first time was indeed refreshing, as they are the ones who work for shareholders to enhance value. Taking into account the fact that the Board themselves are shareholders (Ng Family own about 60% of Tat Hong), this is where interests are aligned. The Chairman Mr. Tan Chok Kian was surprisingly sharp, witty and humourous for his age (he is in his 70’s!), and managed to elicit sporadic laughter while reading out the ordinary business of the AGM. Overall, the mood was relaxed but a few shareholders did raise queries about Tat Hong’s strategic direction and expressed concern over how the business was faring amid the worst recession in 60 years.
Mr. Roland Ng (CEO) was very candid with the crowd and offered to provide an update of the situation after the business of the Meeting was concluded; and all resolutions were passed henceforth. He mentioned that Tat Hong has thus far steered through every crisis and emerged stronger, as a result of their prudent policies and also because they take advantage of the situation to grow. Recessions will put some smaller competitors out of business, which is good for Tat Hong as they have the size and scale of business to survive; plus now that the Company is moving towards a “rental” model, this ensures steady earnings and cash inflows. In fact, one of the notable things Mr. Ng mentioned was that during good times, companies build; during bad times, the Government builds! So it was a case of always having the contracts and work to allocate their cranes and heavy equipment to; and the countries of Australia and China also hold good promise as the Governments there are churning out massive fiscal stimulus packages to jump-start the flailing economy.Read more...[caption id="attachment_3136" align="alignright" width="150" caption="Photo from Musicwhiz blog"]
[/caption]
Let me start off by saying that Tat Hong’s office is extremely hard to locate and get to, and for me, using public transport meant that I had to figure out which MRT station was the nearest to Tat Hong so that I could minimize my cab fares in. It was only when I got there that I realized I could have taken a bus and alighted along Woodlands Road, then walked in along a narrow path beside a canal ! Anyhow, it was a good learning experience for me on how to navigate my way around Singapore.
The AGM started somewhat punctually, at about 10:05 a.m. with more shareholders trickling in close to ten o’clock. The room used for the AGM was a very simple room, spartan yet well-equipped; and it had some old equipment lying around, which gave it the semblance of having been used as a storage room once upon a time. Immediately outside this room was a pantry area with chairs, tables and a long table where the food and drinks were located. The whole atmosphere looked and felt cosy and homely, unlike the usual business-like settings during other AGMs, which are held in conference rooms or large board rooms with slide projectors.
Meeting the Board of Directors and Management Team for the first time was indeed refreshing, as they are the ones who work for shareholders to enhance value. Taking into account the fact that the Board themselves are shareholders (Ng Family own about 60% of Tat Hong), this is where interests are aligned. The Chairman Mr. Tan Chok Kian was surprisingly sharp, witty and humourous for his age (he is in his 70’s!), and managed to elicit sporadic laughter while reading out the ordinary business of the AGM. Overall, the mood was relaxed but a few shareholders did raise queries about Tat Hong’s strategic direction and expressed concern over how the business was faring amid the worst recession in 60 years.
Mr. Roland Ng (CEO) was very candid with the crowd and offered to provide an update of the situation after the business of the Meeting was concluded; and all resolutions were passed henceforth. He mentioned that Tat Hong has thus far steered through every crisis and emerged stronger, as a result of their prudent policies and also because they take advantage of the situation to grow. Recessions will put some smaller competitors out of business, which is good for Tat Hong as they have the size and scale of business to survive; plus now that the Company is moving towards a “rental” model, this ensures steady earnings and cash inflows. In fact, one of the notable things Mr. Ng mentioned was that during good times, companies build; during bad times, the Government builds! So it was a case of always having the contracts and work to allocate their cranes and heavy equipment to; and the countries of Australia and China also hold good promise as the Governments there are churning out massive fiscal stimulus packages to jump-start the flailing economy.Read more...
[/caption]
Let me start off by saying that Tat Hong’s office is extremely hard to locate and get to, and for me, using public transport meant that I had to figure out which MRT station was the nearest to Tat Hong so that I could minimize my cab fares in. It was only when I got there that I realized I could have taken a bus and alighted along Woodlands Road, then walked in along a narrow path beside a canal ! Anyhow, it was a good learning experience for me on how to navigate my way around Singapore.
The AGM started somewhat punctually, at about 10:05 a.m. with more shareholders trickling in close to ten o’clock. The room used for the AGM was a very simple room, spartan yet well-equipped; and it had some old equipment lying around, which gave it the semblance of having been used as a storage room once upon a time. Immediately outside this room was a pantry area with chairs, tables and a long table where the food and drinks were located. The whole atmosphere looked and felt cosy and homely, unlike the usual business-like settings during other AGMs, which are held in conference rooms or large board rooms with slide projectors.
Meeting the Board of Directors and Management Team for the first time was indeed refreshing, as they are the ones who work for shareholders to enhance value. Taking into account the fact that the Board themselves are shareholders (Ng Family own about 60% of Tat Hong), this is where interests are aligned. The Chairman Mr. Tan Chok Kian was surprisingly sharp, witty and humourous for his age (he is in his 70’s!), and managed to elicit sporadic laughter while reading out the ordinary business of the AGM. Overall, the mood was relaxed but a few shareholders did raise queries about Tat Hong’s strategic direction and expressed concern over how the business was faring amid the worst recession in 60 years.
Mr. Roland Ng (CEO) was very candid with the crowd and offered to provide an update of the situation after the business of the Meeting was concluded; and all resolutions were passed henceforth. He mentioned that Tat Hong has thus far steered through every crisis and emerged stronger, as a result of their prudent policies and also because they take advantage of the situation to grow. Recessions will put some smaller competitors out of business, which is good for Tat Hong as they have the size and scale of business to survive; plus now that the Company is moving towards a “rental” model, this ensures steady earnings and cash inflows. In fact, one of the notable things Mr. Ng mentioned was that during good times, companies build; during bad times, the Government builds! So it was a case of always having the contracts and work to allocate their cranes and heavy equipment to; and the countries of Australia and China also hold good promise as the Governments there are churning out massive fiscal stimulus packages to jump-start the flailing economy.Read more...
