Trans-cab cancels IPO after being told of?

[darth_vader_]

trans-cab cancels IPO after being told not enough subscribers ?

wayang say insurance hike ?

[Picnic06-Biante15]

Their drivers are the worst kind on the road ...... :angry:

 

Who would interested in their IPO ..

[Mustank]

Cab company are squeezed on cost by coe but limited on fare hikes by govt

 

No so easy to earn

 

They have to deliver better returns than singpost and smrt, not exactly easy

[Ktglfc]

trans-cab cancels IPO after being told not enough subscribers ?

wayang say insurance hike ?

Thought they have some cornerstone investors ?!

Really made a mockery of their management ... chut pattern until last minute have to withdraw their IPO...

Didnt they check probably their accounts? And what is $1.8 mil to them when they earn tens of millions ...

 

Hope SGX can go investigate this.. and give some confidence back to the public...

[Mustank]

Thought they have some cornerstone investors ?!

Really made a mockery of their management ... chut pattern until last minute have to withdraw their IPO...

Didnt they check probably their accounts? And what is $1.8 mil to them when they earn tens of millions ...

 

Hope SGX can go investigate this.. and give some confidence back to the public...

Give chance lah

[Fcw75]

Their drivers are the worst kind on the road ...... :angry:

 

Who would interested in their IPO ..

Couldn't agree more with you. Boss is ah beng, don't expect their drivers to be any better.

 

Take the investor money to buy his huge bungalow and rolls Royce.

Edited November 18, 2014 by Fcw75

[Vid]

Their drivers are the worst kind on the road ...... :angry:

 

Who would interested in their IPO ..

 

Why not? They earn a lot from insurance company leh

[Ktglfc]

Give chance lah

 

Hahahha :))

Not up to me lah, cos i am not the boss of SGX

 

Anyway, hope those that have subscribed thru' ATM these days, can get back their money soon :))

Couldn't agree more with you. Boss is ah beng, don't expect their drivers to be any better.

 

Take the investor money to buy his huge bungalow and rolls Royce.

 

Boss is always like that... squeeze the drivers and earn big bucks for himself

[Mustank]

 

Hahahha :))

Not up to me lah, cos i am not the boss of SGX

 

Anyway, hope those that have subscribed thru' ATM these days, can get back their money soon :))

 

 

Boss is always like that... squeeze the drivers and earn big bucks for himself

Subscription not high enough to justify insurance premium mah

Donno who over estimate for them one

[Picnic06-Biante15]

 

Why not? They earn a lot from insurance company leh

 

Yup......

 

at the expense of you & me if get involved in accident with them......... :angry:

 

Their drivers just cut into your lane, stop whenever the saw protential passenger without any signals or indication that they want to stop, stop in th emiddle of 'zebra' crossing to pick-up passenger.... etc.

 

When I drive and everytime comes accross a 'red' colour taxi, I will put extra precaution and vigilant against them...

[Vid]

 

Yup......

 

at the expense of you & me if get involved in accident with them......... :angry:

 

Their drivers just cut into your lane, stop whenever the saw protential passenger without any signals or indication that they want to stop, stop in th emiddle of 'zebra' crossing to pick-up passenger.... etc.

 

When I drive and everytime comes accross a 'red' colour taxi, I will put extra precaution and vigilant against them...

 

They "profit" a lot from these incidents so their stock must be worth getting lor

[Picnic06-Biante15]

 

They "profit" a lot from these incidents so their stock must be worth getting lor

 

I don't dare to touch their IPO....

 

Can close down the company just like a 'on' 'off' switch button and with your shares at most you claim one taxi and cannot be use on the road ...

[Carnoob]

"Taxi operator Trans-Cab has called off its initial public offering (IPO), just days after it announced its float.

The company withdrew its listing plans after new information relating to outstanding insurance premiums surfaced.

In a statement to the authorities yesterday, Trans-Cab - Singapore's second-largest cab operator - said it had been unaware that there was an additional insurance premium of $1.83 million that was pending.

"This is a premium adjustment rendered by the insurer, based on cumulative accident claims against the company's taxi fleet," it said.

"The amount is a preliminary estimate provided by the insurer and has not been reviewed and accepted by the company."

The figure of $1.83 million is much lower than a purported insurance debt of $50 million that a person by the name of S.S. Phoa claimed in a letter Trans-Cab owed.

The letter, addressed to the Singapore Exchange just a few days after Trans-Cab first announced on Nov 3 its intention to go public, alleged that with the IPO, Trans-Cab would be "transferring" the debt to the public.

The amount is said to be owing to First Capital Insurance.

The Straits Times contacted First Capital last week for comment. But the insurer got back only yesterday.

"It is not true," said its senior manager, Mr H.P. Tan. "However, due to client confidentiality, we are unable to comment on matters relating to Trans-Cab."

Trans-Cab managing director Teo Kiang Ang was unreachable for further comment yesterday.

But in its statement yesterday, Trans-Cab said that because of the impending close of the public offer at noon today, and taking into account the time needed to evaluate this new information "holistically", it has decided not to proceed with the IPO at this point.

The company added that it intends to complete its full-year audit at its year end on Dec 31, and it will evaluate its options after that.

There have been a number of IPOs that were called off here because of unfavourable conditions in recent years.

In 2012, M&L Hospitality Trust tried to list, but abandoned the plan when book building failed to find a satisfactory price.

In the same year, Formula One also put the brakes on its floating plans.

Trans-Cab has a fleet of 4,700 taxis. Last year, it generated $36.3 million in after-tax profit, which was a 22.1 per cent margin on revenue.

It priced its IPO at 68 cents a share, with 8.8 million shares available to the public.

Together with 65 million shares taken by cornerstone investors and 94.2 million placement shares for institutional investors, the company expected to raise about $100 million in the exercise.

- See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/trans-cab-pulls-plug-ipo-over-insurance-premium-20141118#sthash.Rx8JuvFf.dpuf"

 

 

I guess the increase 1.83million may be per month or quarterly if not they would have indicated as a annual premium adjustments.

 

If not annual, then a sudden increase in premium will drastically reduce the profit margin

 

[Jman888]

do they make money in the first place? so fast they want to cash out liao?

[Sam7770]

Their drivers are the worst kind on the road ...... :angry:

 

 

I try not to generalise... but I have noticed Transcab taxis being less considerate and more aggressive than others and have kept videos of a couple of incidents.

 

Talking of which, has anyone ever successfully fed back a complaint to Transcab and had a satisfactory response? Please advise how to feedback to them, their web contact us form seems to disappear into a black hole. Is this true of taxi companies generally? Or do some take complaints seriously?

[Duckduck]

do they make money in the first place? so fast they want to cash out liao?

 

if u have worked or know anyone who was involved in a coy IPO structure phase, u know how dodgy some deals are. Most dont have the equity size to go IPO, so they rope in cornerstone investors to support the enlarged listco capital to make the IPO story sound. Alot of micro caps IPOs are fishy & its just a stag trade vehicle for pre-IPO buddies.

[Mustank]

 

if u have worked or know anyone who was involved in a coy IPO structure phase, u know how dodgy some deals are. Most dont have the equity size to go IPO, so they rope in cornerstone investors to support the enlarged listco capital to make the IPO story sound. Alot of micro caps IPOs are fishy & its just a stag trade vehicle for pre-IPO buddies.

 

siang hoh kena cpib catch

[BabyBlade]

 

I try not to generalise... but I have noticed Transcab taxis being less considerate and more aggressive than others and have kept videos of a couple of incidents.

 

Talking of which, has anyone ever successfully fed back a complaint to Transcab and had a satisfactory response? Please advise how to feedback to them, their web contact us form seems to disappear into a black hole. Is this true of taxi companies generally? Or do some take complaints seriously?

 

Previously when one of them kissed my motorcycle's ass when I was stationary at a junction waiting for the lights, my bf had to call them, email them repeatedly, and then call them persistently again till the management finally informed him the driver had been given a warning.

 

It's either they don't pick up the calls, or they put you on hold for a long period of time (probably expect you to give up hang up).

 

No damage to my vehicle but my bf was just pissed at the driver's poor attitude. Such bad attitude on the road will only cause more accidents if they don't learn a lesson.

 

I would say their customer service / service recovery is close to none.