Oh well, thats what u get from PLC companies.. but then even
government statutory boards also talk profits and
commercialisation to you (think HDB).
its makes full sense what SMRT says.. of cos bus fans wont
accept that statement. seems that SMRT is treating its buses as
toxic assets, as a liability rather than some non-performing
asset.. also should write off and forget the purchase from
tibs
if thats the case, best if they can sell their entire bus unit to
some other operator (easier said than done!), but too bad if they
have some binding obligation to continuing running their bus
operations
In the strictest sense, SMRT Corp is still a GLC.
We have already known that the moment the rebranding was
announced. They should just divest off the bus operations and sell
it to another MNC (e.g. KMB/MTR/FirstGroup) or by management buyout
who knows how to run it better. It makes finanical sense, too.
Better still rename it back to TIBS. De-mergers have happened
before, just look at the auto industry.
BTW today's papers have again announced the possible
rationalisation of bus routes with the opening of the Stage One/Two
Circle Line.