Singapore

It has about 300 tortes in the United Kingdom and over 100 international stores worldwide including Singapore. It launched in 1964 and is considered the first fast fashion brand in the history of fashion. The goal is to produce catwalk trends as fast and cheap as possible. In this report, our group conducted a survey about Tops to find out its target market and the perspective of these target market towards the brand. We basically asked people around school and friends around Singapore to answer this survey. We were able to asked 74 people in total to share their perception towards the brand plus basic information about them.

We will be explaining the results in different segments and some findings about the brand. Consumer Demographics Tops appeals to students and professionals which can range from 16-30 years old. The line mainly focuses on women who are not yet married with the income range of SAG 12,000 to 62,000 per year. Target audience is young fashion-conscious ladies on a budget (Perez, 2013). It can also target older group ranging from 31 to early ass since Tops targets women who cannot be defined by her age but instead her attitude (Perez, 2013). Consumer Chirography’s Tops targets women who are addicted to fashion.

According to Perez (2013), Tops targets two segments from the 8 segments of Val’s II, which are achievers and experiences. Experiences spends a big amount of their income on fashion, entertainment and social life. They like looking good and having nice possessions. While achievers on the other hand are active on purchasing. They like showing their shows why they like shopping with their friends rather than their families. Regular consumers of Tops often aims to have a unique style which are influenced by trends and the current weather. They often go to Tops to seek for the latest rends so they can be ahead of the game.

Some of them may not only have the love for fashion but also for music, film and food too. They love to shop for the latest fashion trends almost every month and opt for the unique not a specific style. Consumer Perception of Brand According to the survey that we did recently about Tops, Singapore residences are aware of the brand and most of them have bought something from Tops, although not a lot of them remains as a regular consumer of the brand due to some circumstances. Though, they still find Tops affordable and stylish, most of them onto consider it as their go-to brand when shopping for clothing.

They’re somehow in between depending on the products available up for grabs. It is considered as an affordable luxury brand and a major trendsetter for the fashion world. Page 10 Competitors Since Tops is a fast fashion brand, it has many competitors like Forever 21, H, Berserk, Starvations, Ezra and many other more. These competitors offer almost the same thing from price, place, and promotion. These brands gives consumers more range of products which they often compare and can steal customers from Tops.

Singapore residences often shops more in Forever 21 and H since They offer almost the same thing so consumer tend to go for the cheaper. Although, some consumer still sticks with Tops when they opt for the latest forward- thinking trends while some who wants more ranges shops in both. Other brands such as Marc by Marc Jacobs and Juicy Couture can still be a competitor of Tops even though they are breech brands since it gives consumers more options. Customers’ Opinion of the Marketing Mix Base on their ratings, Tiptop’s store locations here in Singapore are placed on the eight area where shoppers usually demand for it.

The variety of products that they offer are still satisfying for consumers and the quality of the products still remains remarkable. Although, customer are often not that satisfied with the services Tops offers in their stores and its merchandising. Also, the price of the products they sell are still a bit high considering that their mainline is affordable fashion for young women. They are not doing a very good Job on their promotions as well here in Singapore since not everyone knows about the promotions they do, like their latest collaboration with Car Delivering.

The promotion of the brand here in Singapore is not as wide as their promotions in the USA or other countries. Tops consumers enjoy both in-store and online privileges. Page 1 1 Conclusion Many fast fashion brands are in competition with Tops, and this is a big threat for the brand. Although, Tops is still unique and is still growing as time passes by, status. However, the only draw back within the brand is its failure to provide prices that accommodate their large student market (Miraculous, 2009). As for recommendations, Tops should lower their prices to earn more customer so that hey would go back.

In this assignment, we would present our findings on whether Singaporeans are receptive to Telecommuting. Telecommuting is the substitution of telecommunication for transportation, permitting work to be performed at a remote site anywhere except from the office. We conclude that Singaporeans are not very receptive to Telecommuting although Singapore is quite a technologically advanced country in Information Technology.

A total of 20 respondents ( males and females) were asked to complete a survey form. Their age group was around 21-30 years of age. They were mainly made up of NUS students and system analysts. Among the 20 interviewees, 55% indicated that their current jobs do not require them to telecommute. Half of the 20 respondents spend on the average, 0-10 work-related hours in front of the computer every week. In addition, 90% of them feel that Telecommuting could not replace most of the jobs in Singapore.

Below are the four highly topped responses that the interviewees made regarding their feelings towards Telecommuting in general.

In the survey, 90% of those participating recognize that there is a loss in human touch while 85% of the interviewees feel that there is a loss in team cohesion. Telecommuting may cause a relative loss of synergy, because of reduced face-to-face contact, although electronic mail and on-line documentation can counterbalance this. Thus, Telecommuting results in less social interaction and reduced contact with the physical part of the organization (the office). This leads to isolation, loneliness and a reduced sense of identification with the organization and its members.

The survey reported that 80% of the interviewees recognize that there is no need to commute with telecommuting. Telecommunication technology lets telecommuters transform almost any space into a workplace. Instead of going to work, telecommuters let work come to them. Time is saved too when the telecommuter does not have to travel to work. He beats the hassle of traveling to work and getting stuck in traffic jams. The time saved can be used to generating more output for his work.

Moreover, 70% of those participating in the survey feel that they are able to spend more time with family and friends with Telecommuting. Telecommuting can help balance work and family demands. In this sense, Telecommuting can play a part in helping to bond the family together. When the parent does not have to leave home to go to work, he/she is able to spend more time at home with his family. The parent is able to show more concern for his children and spouse, as he/she knows what is going on in their lives. This will greatly improve the family cohesiveness.

We found out that 65% of the interviewees think they are not able to work from home. This could be because Telecommuting requires unwavering self-discipline as telecommuters can make a choice between eight hours of work time or eight hours of web-surfing. The latter is of course more tempting.

The reasons why Singaporeans are not receptive to Telecommuting might be due to three reasons. Singaporeans have a collectivistic culture and value team cohesion as well as membership. They are socialized to be emotionally dependent on organizations and institutions. As a result, Singaporeans are not used to the idea of Telecommuting. Firstly, the close proximity between family members due to Singapore’s small physical size makes Telecommuting unfeasible. Secondly, the accessibility of Singapore due to its efficient transport network ensures that employees can commute between home and office quickly.

In his seventies, Mr Rajoo is my uncle. He showed great enthusiasm and related his experience in Tamil during the 3 hours interview. His accounts shed light on the ways how individuals inject meanings to a particular subject. Background Mr Rajoo was born in 1930. He was the second son in a family of 10 children. His family lived in a village in Sembawang which was near to one of the Naval Base which was owned by the British. When the Japanese invaded Singapore, Rajoo’s family staying in North of Singapore then they moved as far as Tampinese. His family used a bullock cart to transport some of their properties.

They stayed away from their home for a year. Then they returned to their village. So he had a chance to witness the Japanese rule in other parts of Singapore as well as his own hometown. The Dark Years of Japanese Occupation The impending presence of the Japanese on Mr Rajoo’s daily life was felt as early as 1941. As a 11 years old boy, his family and he faced severe shortage of food and other necessities like medical. ( Q1 ) When the British surrendered, they did not want Japanese to enjoy the fruit of their labour. All the rice in the warehouse was sprayed with limestone.

As limestone is white, the Japanese did not suspect any foul play by the British . So those who ate the rice had diarrhea . Japanese took over much of the foodstuffs and other goods for the use of their army. Due to the food shortage, essential food stuffs like rice, salt and sugar were controlled. Ration cards which limited the amount of food for each person was given out. ( Q4 ) His family lived on a simple diet and found other food substitutes for those food items which were scarce. Tapioca and sweet potatoes were used as substitutes for rice ( Q3 ) and palm oil or coconut oil was used as cooking oil.

Even in schools pupils grew and took care of the vegetable plots. This was the widespread situation in Singapore during the Syonan-To years. Many historians have written about the food scarcity during the Syonan rule. There are a lot of evidence to state that during the Japanese rule, many people suffered from malnutrition and diseases as they did not have well balanced meal. Those taken as prisoners of war also suffered under the iron grip of the Japanese and many died out of malnutrition. Transport during the Japanese reign

Mr Rajoo recalls bicycles being widely used as mode of transport during the Japanese reign. (Q6) So much so that even after the Japanese surrender, Rajoo and the other villagers working in the Sembawang Shipyard used bicycles as mearns of transport to travel to work. Tri-shaw which consisted of a bicycle with a side-car attached for a fare-paying passenger replaced the former richshaw. He stated that the Japanese bicycles had only thin solid rubber tyres. He also recalls in the interview to have seen a lot of motorcars before the Japanese rule and not during the Syonan-To period.

Some historians state that there must have been tens of thousands of vehicles, many new and the majority of the rest in good condition were used by the Japanese. These great fleet of transport fell to the Japanese as booty, when they captured Singapore. However, the lack of spare parts, or technical skill, or both, made the fleet diminish rapidly to a deplorable state so much so that it almost faded by the time the Japanese surrendered. Transport was a big problem for the local people tthroughout the Occupation. (1) The Japanese were in control of the world’s rubber and many oil fields. 2) They forced many motor vehicles to run on coal gases or inferior petrol made from vegetable sources. Public vehicles dwindled and cars ceased to be available for almost all other than Japanese. School Experiences Mr Rajoo recalled how he had to learn Japanese language in his school. He could still recall some Japanese sentences. ( Q5 ) It is remarkable to know that even after 60 years he is able to remember some Japanese sentences. (Q5) All this had been instilled in the young minds at a very tender impressionable age to gain people’s allegiance .

School children were taught to face the direction of Tokyo where the Japan Emperor resided and sing the Japanese Anthem. (Q5 ) So the Japanese tried to influence the school children to become patriotic towards Japan. This is another aspect of their rule where they tried out propagandas. Several historians have concurred the same evidence regarding the Japanese intention to remove the western influence and premote the Japanese culture and values. Japanese lessons were published in the newspapers and broadcast over the radio. In order to encourage people to learn the Japanese language, job privileges and extra allowances were given.

Different methods were used to influence the minds of the people in Singapore. Radio stations were controlled by the Japanese and radio sets were sealed so that people could only listen to local broadcasts. Those caught tuning in to foreign broadcasting stations were severely punished or killed. Through the interview, I realized that Rajoo’s family and the villagers also did not own any radios. They were afraid of being punished. Japanese – The Disciplinarians Tthroughout the Syonan-To rule, the people were constantly living in fear because the Japanese took harsh action to establish control over the people.

Those caught looting were shot or beheaded and their heads were displayed at public places. Those who were passing by must witness such a scene if not they will be called back to look directly at the decapitated head. ( Q8 ) Barbed wire was also put up across roads to form roadblocks. The Japanese guards would make the people passing by to bow to them as a sign of respect. Anyone who did not do so would be slapped, killed or punished in some ways. When the children forget to show respect to the Japanese soldiers, these soldiers will use their knuckles to hit on the children’s forehead .

Those sthrong men found at home not working will be immediately sent to work. ( Q8 ) Those who were sick should still report to work. They despised men idling. The Japanese Treatment of the 3 main races in Singapore According Mr Rajoo the Chinese suffered the most during the Japanese Occupation. Many Chinese in Singapore had sent money to help China fight Japan. So the Japanese wanted to weed out the anti-Japanese sentiment among the population. They carried out the Sook Ching Operation. They ordered all Chinese men between 18 to 50 years of age to report at the mass screening centers. Then the men will be questioned.

The Japanese, however, had no proper way of finding out who were against them. Those who the Japanese thought were against them were taken away in lorries. Thousands of Chinese were taken in this way to Changi Beach or other beaches where they were shot. ( Q7 ) Some Chinese who very desperate to save their lives disguised themselves as Indians or Malays to avoid the scrutiny of the Japanese soldiers. Mr Rajoo recalled that Japanese were not overly suspicious of Indians nor the Malays. However, anybody who were thought to have acted against the Japanese interest were severely dealt with.

They will be either punished or killed. (Q7) Japanese role in instigating nationalistic feeling According to Mr Rajoo, the Japanese associated Indians in Singapore with Gandhi and his movement in India. Gandhi was fighting for India’s freedom from the British Colonial power. Japanese told the Indians in Singapore that Japan would help India to get rid of the British rulers. They also wanted all Indians to join the Indian National Army to fight the British in India. Subhas Chandra Bose, the founder of INA was allowed to come to Singapore to collect funds for his establishment.

Historical facts also seemed to prove the relevance of his statement. From the interview, Mr Rajoo didn’t portray as someone anti-Japanese. Probably his family and he did not really undergo much torture by the Japanese. He definitely seemed to have welcomed the Japanese for one reason. The Light of the South From the interview one would deduce that Mr Rajoo sthrongly feels that the Japanese brought on the nationalistic fervor among the citizens. ( Q9 ) Nationalistic feeling caught onto some people like the forest fire and the thirst for independence was ignited due to Syonan-To.

Within the fruit beverage market, Undue Is positioned as a niche product whereby the target market re willing to pay a premium for a better quality and pure freshly squeezed Juice without the addition of water, preservatives, additives or sugar (Undue 2008). International manager Mathew Barlow Is quoted In reference to expansion of operation to Singapore that, “Singapore is a great export location for us at the moment because they have similar trading regulations, a sophisticated English speaking market, a cafe and deli food culture and there’s no major trade restrictions or need to change packaging”. Stared 2008). 2. 2. Market Size and Outlandishness’s population size currently sits at an estimate 4. 5 million people (CIA 2008). Despite having a smaller consumer base in comparison to Australia, Singapore estimated Gross Domestic Product per capita of 2007 was $48,900 where Australia has a low $37,500 (CIA 2008). Singapore also boasts a steady GAP real growth rate of 7. 5% proving Singapore to be a stable economy with signs of continuous prosperity which will allow for consumers to purchase Undue in the future (CIA 2008).

Consumer trends in Singapore has seen an opening for Undue to enter the market by he ‘growing health awareness encouraged by public health bodies’, in addition to ‘being one of the key trends influencing the soft drinks industry in Singapore’ (Remuneration 2008). The current competitors operating in Singapore have recognized the change in consumer taste by adapting their product lines. This has been most evident by fruit/ vegetable Juice and tea which ‘saw the most new product Introductions’ (Remuneration 2008).

By local manufacturers recognizing and adapting to such trends, It Is evident that Singapore will be a highly competitive market for Undue to enter, however, there s still opportunity to enter due to the ‘strong performances from fruit/vegetable juice, bottled water, RED tea and functional drinks in 2006’ (Remuneration 2008). With regard to the political and economic factors of Singapore, a report by the 1 OFF government ‘will continue to maintain Singapore appeal for foreign direct investment (FAD) ‘which has been evident by reducing the corporate tax rate’.

The government has also been ‘offering rebates in industries it is trying to nurture and maintain free trade agreements with its main trading partners’. The current globally effected US Sub-prime mortgage crisis did not noticeably affect Singapore financial sectors or currency, retaining domestic consumer confidence. The report also forecasted stable growth in demand of its main manufactured exports of electronic, transport engineering and pharmaceutical goods for the years 2008 and 2009. 2. 2. Market Characteristics mentioned in the market definition above, Singapore has similar features to that of Australia in regards to how the market is segmented and distributed. The significant increase in consumer spending in Singapore has revived Undue the opportunity to take maximum advantage by distribution to large supermarket chains as well as supplying to cafes, restaurants and delis that are featured within the city state. This distribution chain can be classified as between selective and intensive.

Singapore features 3 main supermarkets being Collaborate, Overprice and Giant Hypermarket. This is very similar to the oligopoly of the three major supermarket chains (Coles, Woolworth and Franklins) that Undue supplies to in Australia. The pricing of 100% fruit Juices in Singapore is similar to Australian pricing. For example, Australia’s Beerier apple Juice that is 2. 4 liters in volume costs $5. 50 Singapore Dollars ($4. 30 ADD), where in Australia it is priced at $4. 34 (Cold Storage; Coles; EX 2008).

This information suggests that Undue should have a similar pricing strategy in place if it is to enter the Singapore market. As of 2003, Singapore initiated a bilateral trade agreement with Australia known as SHAFTS (Singapore Australia Free Trade Agreement). “SHAFTS offers greater opportunities in goods and services to a wide range of Australian exporters, furthers threatens trade and investment links, eliminates Singapore tariffs and provides cheaper inputs for Australian businesses on a range of products. ” (Stared 2008).

A main feature of this bilateral trade agreement relevant to Undue is the removal of all tariffs on Australian exports to Singapore, eliminating an expense that would affect profit margin or pricing of Undue products. Singapore proves to be an adequate market to enter by its higher GAP and growth rate, trading ties with Australia, geographic position, consumer tastes and growing spending trends. It is therefore evident to conclude that Undue has an opportunity to expand operations into this new market which will increase sales and in turn, profitability. 2. 2. Target Market Behavioral focusing on consumer trends it should be noted that Singapore geographic position alongside the equator provides a tropical and humid climate all year round, allowing for a market of chilled drink sales unaffected part of a South East Asian diet in which recent trends have found that Singapore ‘are more aware of the attributes of pure fruit Juice and more willing to pay the price’ (Boris 1993). Consumer trends seem to project a ‘growing health awareness encouraged by public health bodies’, which has been ‘one of the key trends influencing the soft drinks industry in Singapore’ (Remuneration 2008).

It is to be noted that growth in fruit and vegetable Juice consumption in Singapore has been fast-paced, to say the least. Singapore consumed 13,071,000 liters of Juice in 1992, up from 5,644,000 liters in 1988′ (Boons 1993). Undue should note that Singapore’ most favored fruit Juice preference seems to be citrus fruits, where lime Juice is considered ‘one of the most popular’. Sales worldwide in citrus fruit Juice saw ‘a strong growth surge of nearly 110 percent was seen between 1990 and 1991, with most of this increase being retained in Singapore for consumption’ (Boris 1993).

Pineapple Juice also has a high preference where ‘total imports increased 70 percent between 1991 and 1992, with all of this being retained in Singapore for consumption’ (Boris 1993). Consumer purchasing behavior has shown increases in spending, indicated by the Meat and Livestock of Australia (ML) report, which detailed “Singapore retail sale f food and beverages grew by 21% during January 2008 compared with the same time last year” (ML 2008). Statistics also showed that there was a 1. % from 2007-2008 increase in ICP expenditure in consumer spending on food, with a 6. 6% increase when comparing January 2007 with January 2008 (Singapore Statistics 2008). From the consumer trends and behaviors mentioned, conclusions can be drawn that not only are Singapore raising their household expenditure on food and beverages, they have a strong yearly consumption of fruit Juice and are willing to pay more for quality products which greater satisfy their tastes.

When you think of Singapore, you will think of the myriad of international awards and global benchmark this city-state has achieved within its first 50 years of independence. It is commendable – her success that is. Having attained self-governance in 1959 and subsequently independence in 1965, her economic miracle in the decades to come is deserving of being looked upon as an economic model of success. Her emergence came as a shock as she was expelled from Malaysia in 1965 due to clashing political ideologies, and nobody knew what to expect. The emergence of the imperiled Singapore brewed much uncertainty and anxiety in a “Chinese land in the sea of Malays” environment.

Certainly though, Singapore has come so far into being what she is today. As we slowly transit into a new political era and hand over the political reins to fresher and younger batch of Singapore’s fourth-generation leaders, it is worth to stop and reflect. Having gone through 50 years of independence, can it be truly said that Singapore is a nation? Has she become a nation, or is she still in the process of nation-building; a nation-in-progress?

This essay will discuss at large with regards to where Singapore stands in this issue. Before proceeding any further, it is crucial to unpack the term nation.

Defining the term ‘nation’

Nation has never had a concrete definition owing to its broad and complex nature. Scholars, nonetheless, have attempted to define the term nation for pragmatic purposes. As argued by Dawisha Adeed, nation is a form of identity. That individuals identify with their nations the same way they identify with other forms of collective identity. Rupert Emerson also argued that nation is a socio-cultural concept than a political concept. It is the sense of belonging to a community who share the same heritage, and the same future.

It is thus agreeable that nation is essentially a sense of belonging to a country. A sense of pride, and a measure of a person’s loyalty to a country. In the words of Benedict Anderson, nation is “an imagined political community” because members may not know most of their fellow members, yet “in the minds of each lives the image of their communion”. In this regard, it is in my interest to highlight the difference between a state and a nation. As brought up earlier, Singapore is not a nation as of yet on the grounds that Singaporeans do not feel as intense a sense of belonging to Singapore.

The authorities has made the fantastic growing in instruction by making many authorities aided and private establishment for universe broad instruction. Compulsory Educations ( CE ) for all childrens who are above the age four. This pays manner for quality instruction for Singapore. The Singapore authorities accepted CE in 1999.Apart from instruction the schools provide different curricular activities for the extra accomplishments. The cosmopolitan instructions to primary and secondary degrees. CE looked important and value for Singapore circumstance. Among 45, Singapore ranked 4th in instruction system ( Progress in international reading literacy survey, 2006 ) . MOE has made enormous procedure in instruction system.

The Singapore instruction is most secured state for choice instruction around the universe, the authorities ( MOE ) has introduced many new structured for instruction system and got strong repute. In 2010 the one-year budget for instruction $ 9.7 billion, over 350 schools in primary, secondary and station secondary instruction. For quality educational system Singapore has been ranked 1st.The planetary partnership with the coaction of universities from worldwide are accepted by MOE. Singapore known for universes best executing school system.The instruction system in Singapore ‘s are adopted by the MOE that leads to the Singapore to universe category instruction. ( MOE )

The vigorous third instruction will pull international pupils to obtain occupations and wealth. Top institutes like NUS and NTU has founded effectual in regional repute ( eg ; NUS was rated as one of top 5 multi disciplinary university in Asia.This two establishment has the capableness of pulling the international pupils from abroad. This indicates the large pool universities which might increase Singapore part for international pupils market. Even so the attract of full fee giving international pupils entirely in the undergraduate and professional graduate student status ( eg: MBA Programmers ) merely non in research oriented postgraduate programmes. The universe category universities that could keep recession for featuring out universe category R & A ; D, this aid in branding Singapore corresponds a Chancellor of the Exchequer instruction hub. The present universities NUS, NTU and SMU these are the cardinal university subdivision, which creates Singapore ‘s regular endowment line for regional schools and offering good international instruction. The organisation of recent educational establishment and companies has given 22,000 new occupations, in this 13,000 aspires learning related and 9,000 aspires administrative, managerial.

The investing in instruction of Singapore curves set up with old ages of schooling, with return to third instruction largely higher than non third instruction. The architecture of Singapore ‘s economic system builds high value to knowledge activities. The private returns to education scopes of 6-10 % . Proposed norm of private rate to return higher instruction ( higher than secondary ) is doubled the rate.19 % to private on versus 11 % for societal rate return in higher instruction. Polytechnic instruction has accomplished rate of return than secondary instruction, the rate of return to third instruction ( polytechnic and universities ) ciphering clip series information declined for past 2o old ages. Third instruction for completed universities degree increases the pay rate by 18 % over all that is diploma and above. The rates of return university arose in 2004 while comparing 2001 except postgraduate degree. The rate of return in station alumnus pupil at maestro degree has risen varies from 19.5 % in 2001 to 23.1 % in 2004.Doctorate degree increased for first grade and Masterss degree. The return university has increased loosely in 2004 compared to 2001.Singapore Standard educational categorization ( SSEC ) , 2000.In engineering school and university degree they achieved award in highest reserve.

By the CPE ( Council for private instruction ) has regulated the private instruction sectors gifted with legislative power. The local private instruction industry helps the capacity for development. The CPE made a function in developing private instruction industries, the attack of holistic addition the overall quality for private instruction participants. Among private instruction establishment the industrial leaders and associations has created strong civilization duty. In Dec 2009 private instruction act was visualized to registration model for the overseas of private instruction sectors. The sure and good regarded private instruction sector, the rise of pupil public assistance services has made private instruction sectors increases for the international pupils. The ICPE ( Integrity, Care, Professionalism and Excellence ) this should be undertaken by staffs in CPE for the overall development of pupils. The council has developed two strategies as ERF ( Enhanced Registration Framework ) and choice confidence strategy known as EduTrust.The ERF strategy undertakes the private instruction establishment supplying classs in grade and sheepskin as full clip for taking award enfranchisement, by fall ining MOE the private instruction establishment chief watercourse schools offering fulltime predatory courses.EduTrust strategy has mentioned quality in certification for the private instruction institution.The celebrated private instruction sectors have the international attached universities to the Singapore establishment. Education aims to work with industry leader and association to make a strong civilization for duty among private instruction establishments.

International Students can hold good instruction quality.Cost competitory is just for pupils to acquire universe category instruction quality when comparing UK, USA and Australia.Asia pacific regional hub for third institutions.Inter cross civilization applicable for international pupils in language.Region for top states to international pupils particularly China and India.Place for safe instruction to pupils from different countries.Apart from instruction the extracurricular activities attracted more international pupils.

The deficiency of quality in linguistic communication pronunciation by professors and teachers.Accommodation deficit is affordable.The private bureau quality is assurable for students.Student base on balls is complicated to private establishment and schools.By pulling international pupils the private sectors has gained, so the deficiency of quality in instruction

In higher instruction the planetary market is around US $ 30billonThe pupils from Asia is 45 % by top beginning countryThere is demand in growing to Asiatic pupils for quality in education.The GDP growing per capita ( % ) in 2001-2006 is 2.4Public disbursement on instruction ( % GDP ) in 2001-2006 is 3.7The third school registration ( % gross ) in 2001-2006 is 29.8

There is an chances to international pupils to take other countries.In Singapore the international pupils from private establishment do n’t hold chances that lowers the value educationThe authorities concerted selling of host states to pull international pupils ( eg: US section of province ) .Quality abroad establishment perceived here ( US, UH and Canada ) .Invention of more figure of IT companies

The Singapore authorities is bettering their concern in instruction and there is a demand for quality in instruction. Many private establishments are pulverizing their sectors in instruction field with offering degree certifications valid equal to universe category instruction. Singapore is best for higher instruction in universe because more Numberss of new reaching of foreign private sectors so the quality of higher instruction going low. The Singapore authorities taking their higher instruction in measure mode. In June 2o1o the Singapore authorities MOE ( ministry of instruction ) announced an S $ 850million ( us $ 628 ) contract for the standard ict operating environment ( soe ) for all authorities and authorities aided schools

The Raffless instruction corporation steped in Singapore in 1990 this corporation has achieved about 17 colleges transversally the Asia pacific- Singapore, Malaysia, India, Australia, China, hong kong, Mongolia and Thailand. In 2004 Raffless entered their concern direction instruction sectors with geting of Hartford, the Raffless made in two group of college trade names as RafflesDesign and Hartford institutes.the Raffless frequently concentrate in design classs besides this they offer diplomas and degrees.the grade certified by universities of engineering and middlesex university for Masterss also.The instruction market in Singapore is little incomparison to the regional market and it is of import for Raffless instruction corporation to develop its footmark in the part to take advantage of the turning demand for instruction in Singapore. Raffles instruction corporation has made their growing demand for instruction, they are the best private instruction organisation for Singapore.many awards won by their pupils in international competitions in different classs in course of study activities.they are the one of developed instruction corporation in Singapore

In 1993 the stansfeild school of concern had began with offering London university for external grade programmes it include the Singapore institute of commercialism at now.stansfield function in English programme to fit the pupils from the school with skilled English so the pupils can make their grade programme at Singapore institute of commerce.In Singapore 40 pupil from China are analyzing at the SIC.The stansfield is acquiring bigger in Asia at market degree.This group build up their concern schools in India, China and Vietnam this is because the pupils from Asia can easy travel between these different colleges.This establishment construction is strong and so the pupils can make their first twelvemonth in China, their 2nd in India and their 3rd in Singapore. This group needs to supply more than grade so add value by offering more abroad exposure the Asians Pacific pupils prefer Singapore for third instruction by this group.

Like Singapore, our programmes are geared towards assisting kids who graduate from abroad kindergartens to be good prepared and confident when they enter into states formal school system. ‘The Crestar instruction group focal point on younger kids ‘s to different course of study activities. They are supplying the preschool instruction, infant attention and pupil betterment services. Besides this kinder land runs ELFA preschool and kid attention Centre. These three trade names, kinder land, ELFA and the Crestar larning all have overseas at now. The Crestar other preschool trade name is ELFA, which has quality for larning to all, the school speech patterns on skill footing of Chinese linguistic communication which set up in2000, this group are more than 20 Centre ‘s in China and Singapore. The Centre ‘s gives support to educational programmes such instructions like how to utilize abacus, painting or originative writing.107 Centre ‘s with half already based outside Singapore. ‘CEG ( Crestar Education Group ) ‘s strength lies in its capableness to offer assorted preschool instruction service in course of study development, teacher preparation, Centre operation, franching and auxiliary enrichment programmes ‘ The group has sustained the maximal growing degree to universe market.

These three establishment are top most superior in universe category universities ( WCU ) .The WCU is a deferral Centre ‘s to put to death the universe category R & A ; D carry over cognition to industry and Chancellor of the Exchequer to educational hub. NUS ( National University Of Singapore ) and NTU ( Nan yang Technological University ) , the establishment is host and competitory universities in Singapore. These two universities made their landmark for quality instruction. These two universities attempts in instruction have made Singapore ‘s instruction system democratic in universe market. The NTU and NSU growing rate is ( CAGR ) 8.3 % over 2000-2009.The MOE adopts the instruction systems to these universities. The authorities has decided to allow NUS and NTU independently has a ability by integrating net income companies same to SMU is greater run.Both NTU and NUS is one of the best manner for passing public fund in a manner of efficient has bond for rule greater answerability.

NUS has been ranked 18th among 200 universities in world.NUS has renowned in technology and IT universities placed 9th in the study of module ranking, celebrated universities. They had 14 modules and schools offering taking classs foremost and higher grades. They are one of best establishment for the international pupils to prosecute their sheepskin and grades in Singapore

NTU in 2004 by the economic expert intelligence unit they have rated best in the universe for MBA pupils by the member economic expert group ranking.NTU was among universe ‘s top 100 MBA schools, for portion clip.This is a all right establishment for making polytechnic and other diploma.NTU made their superior 9th topographic point out of 39 universities in scientific discipline and engineering schools overall all right MBA schools 2000 class in Asia. Four colleges and two autonomy establishment is organized by NTU the colleges provide undergraduate and station alumnus

SMU ( Singapore direction universities ) is undertaken by the private owned establishment formed as a mixture with Wharton schools of concern in universities of Pennsylvania.The University has junctions for establishment and schools. The concern schools, station alumnuss and besides double degree classs with jurisprudence are the familiar to this establishment. The under alumnus and station alumnus are widely preferred by the pupils. The university constructing up their construction for pulling international pupils. The grade classs and the extracurricular activities paying every bit good instruction systems. The SMU is private establishment which is adopted by the MOE.The celebrated Edu Trust certification has being provided by these establishments. These made the quality instruction good in Singapore. .NTU, NSU and SMU has the argument formats for holding their ain ideas to be shared in the argument conference made by this group

Strong corporate governance and transparency are critical for business success. For investors, good governance is a good indicator of wellmanaged, resilient businesses. For companies, a measure of success is the ability to internalise the values, spirit and purpose behind governance rules. While the governance standards in Singapore have brought us to where we are today, we have some way to go if we want to be seen as leaders in this area. Regulators, directors, management, investors, industry groups and professional bodies all have a part to play.

The collective efforts of all these stakeholders will be needed to sustain the drive to improve governance and support the government’s vision of positioning Singapore as a global financial centre. This inaugural collection of teaching case studies aims to raise awareness and promote thoughtful discussions on key corporate governance issues in companies across several markets, particularly in Asia. The authors have endeavoured to present the facts and issues based on publicly-available information covering matters such as the board, board committees, ownership structure, corporate governance rules and regulations, auditors and remuneration.

Following each case study are discussion questions which we hope will facilitate a robust exchange of views to help lead efforts to advance corporate governance standards and best practices in Singapore. We would like to thank Associate Professor Mak Yuen Teen for supervising and editing the case studies produced by students of the NUS Business School. We trust you will find the cases a good starting point to study governance issues that may be relevant to your professional roles. Deborah Ong FCPA (Aust. ) President – Singapore CPA Australia April 2012 Preface

In early 2010, I started coordinating and teaching the Corporate Governance and Ethics course at the NUS Business School. This is a compulsory third-level course for all students in the BBA (Accountancy) programme at the school. I thought that a great way for the students to learn is through case studies. Unfortunately, there are very few case studies in corporate governance, and even fewer which are Singapore- or Asianfocused. The lack of good Asian case studies in corporate governance has also been raised by practising directors and others involved in training programmes for directors.

I therefore decided to incorporate a case writing component into the course by getting the students to form groups and write comprehensive cases as part of their course assessment. This publication contains the abridged versions of 18 of these cases. The cases are diverse in many ways. Eight of these cases involve companies listed in Singapore, including some foreign companies. Five involve other Asian companies in Hong Kong, India and Malaysia, while the remaining five involve non-Asian companies. Read about Corporate Governance at Wipro

However, this is a simplification as the cases often cross national boundaries. For example, there is a bribery case which involves a Singapore company and Apple in the US. The case on the failed merger between SGX and ASX is really an international case. The reason why I also included non-Asian cases is because, while there are differences in rules, regulations and norms and unique corporate governance issues in Asia, the international cases allow the learning of differences around the world and also a comparison with Singapore and Asia.

In any case, with globalisation, executives, accountants and regulators will increasingly need to understand corporate governance from a more international perspective. The cases are also diverse in terms of issues raised. They illustrate that corporate governance is much more than about just rules and regulations or about legal duties and liabilities of directors. At the risk of simplification, four of the cases deal with mergers and acquisitions, two with privatisation, three with bribery, ethics and corporate responsibility, three with boardroom issues or conflicts, and five deal with corporate governance crises or scandals.

However, each case inevitably touches on other issues, including regulatory frameworks; roles of directors, auditors, and regulators; executive and director compensation; shareholder activism; and so on. It should be noted that the cases are written for the purpose of generating discussion and are intended to be used for analysis. Therefore, they do not include analysis or interpretation of the situations. Teaching notes which include some analysis and interpretation have been prepared. These teaching notes are only available to the instructor or facilitator

using the cases for teaching or training. I believe the abridged versions will be useful for qualifying and continuing education programmes for directors, CFOs, accountants, regulators and other professionals. Although the copyright for the cases resides with CPA Australia and me, it is not our intention to restrict the use of these cases or to profit from the copyright. Our general principle is that programmes which are commercial in nature should pay to use these cases so that funds can be generated to further this initiative or benefit charity.

We would be open to free use of these cases in programmes which are non-commercial in nature, subject to permission being obtained from CPA Australia or me. Any surpluses generated from the publication of the cases will either be donated to charity or reinvested into this initiative. I would like to thank CPA Australia for its generous support of this project. I am also grateful to the students who helped in editing these cases and, of course, to the students who helped in preparing the initial cases.

They are acknowledged in the first footnote of each case. I would also like to specifically mention the capable support provided by the project manager, Kellynn Khor, who is doing a BBA degree in finance at the NUS Business School and a Master of Public Policy degree at the Lee Kuan Yew School of Public Policy. I hope you will find this collection to be useful. Mak Yuen Teen, PhD, FCPA (Aust. ) Associate Professor of Accounting NUS Business School National University of Singapore April 2012 Content Singapore Cases C. K.

The major controversy surrounding the privatisation was the valuation of Tangs Plaza, a commercial property located in the prime shopping district of Orchard Road. Minority shareholders cited its undervaluation as the primary reason for rejecting the cash offer by the Tang brothers. The minority shareholders felt that the redevelopment potential of the property should have been taken into consideration. In 2011, the Tang brothers failed in their attempt to cancel out all remaining shares held by minority shareholders through a capital reduction exercise.

The objective of this case is to allow a discussion of issues such as the divergence of interests between controlling and minority shareholders, the manifestation of this divergence in a privatisation situation, the different methods of privatisation which can be used and the extent to which they protect the interests of minority shareholders, and the role of the board, audit committee, independent financial adviser, regulator and shareholders in a privatisation. This is the abridged version of a case prepared by Chew Yi Ling, Goh Theng Hoon and Thomas Sim Joo Huat under the supervision of Professor Mak Yuen Teen.

The case was developed from published sources solely for class discussion and is not intended to serve as illustrations of effective or ineffective management. Consequently, the interpretations and perspectives in this case are not necessarily those of the organisations named in the case, or any of their directors or employees. This abridged version was prepared by Koh Kian Sin under the supervision of Professor Mak Yuen Teen. Copyright © 2012 Mak Yuen Teen and CPA Australia 6 C. K. Tang: The Fight towards Privatisation C. K. Tang Limited is a Singapore-based company founded by Tang Choon Keng in 1932.

The company is in the business of departmental store retailing and general merchandising. Since 1958, the company has been operating at its flagship building, Tangs Plaza, along Orchard Road1. C. K. Tang is a company characterised by the presence of a major controlling shareholder. For example, in June 2003, then CEO-Chairman Tang Wee Sung, the second son of the founder, owned 69. 95 per cent of the company’s shares2. In 1975, C. K. Tang was listed on the then Singapore Stock Exchange, which later became the Singapore Exchange (SGX)3. However, since 2003, the Tang family had been trying to delist and privatise the company4.

After two failed attempts, the Tang family finally succeeded and the company was delisted on 24 August 20095. In 2011, C. K. Tang made an offer to about 500 minority shareholders who had held on to the shares of the delisted company. This offer represented a 15 per cent premium over its fair value and well above the price offered to other shareholders for the delisting in 2009. However, some of these minority shareholders were still unwilling to take up the share buyback offer, and were holding out for a better offer6. About C. K. Tang Board of Directors During the third and successful privatisation attempt, the board of C.K. Tang was chaired by Ernest Seow, a former PricewaterhouseCoopers (PwC) partner. Apart from Seow, there were three other directors with experience in accounting, business management and the retail industry. Among the four directors, three of them were serving as non-executive independent directors. During the company’s history, there was at least one Tang family member on the board7. However, in 2008, Tang Wee Sung, CEO and the majority shareholder of the company since 19878, stepped down from the board, after he was alleged to be involved in an illegal organ trading scandal. 7 C. K. Tang: The Fight towards Privatisation

With this development, for the first time in the company’s history, there was no Tang family member on the board. According to C. K. Tang’s Corporate Governance Report in 2009, the board would be responsible for enhancing long-term shareholder value and the overall management of the Group. This includes reviewing the Group’s performance, approval of corporate strategies and promoting high standards of corporate governance. The board delegated some of its functions to the board committees, namely the audit committee, nominating committee and remuneration committee. On 29 October 2003, Tang Wee Sung offered minority shareholders S$0.42 per share via a scheme of arrangement9. This represented a premium of about 35 per cent above the average closing price over the last five trading days10. This price also meant a 19. 2 per cent discount against the company’s net tangible assets as at 30 September 200211. However, the resolution failed to pass, as the shareholders felt the offer price was too low and wanted more information on the company’s prospects12. First Privatisation Attempt: Scheme of Arrangement In December 2006, Tang Wee Sung and his brother Tang Wee Kit, offered shareholders S$0. 65 per share through Kerith Holdings13, a company equally controlled by the brothers.

This second attempt was in the form of a voluntary unconditional cash offer14. The S$0. 65 per share offer reflected a 16. 1 per cent premium to C. K. Tang’s latest closing price at that time. It also represented a 9. 4 per cent premium to the company’s net asset value, based on its annual report for the financial year ending 31 March 200615. When the offer deadline expired, insufficient acceptances had been received16. The reason was widely believed to be the undervaluation of the commercial property Tangs Plaza17. As a result, the company continued its listing on SGX. Second Privatisation Attempt: Unconditional Cash Offer 8 C. K. Tang: The Fight towards Privatisation On 15 July 2008, at an Annual General Meeting (AGM), minority shareholders questioned the board about the company’s financial losses, as well as its plans to delist the company from SGX. The board declared that a privatisation exercise is solely the decision of the majority shareholder. The board said it owed a fiduciary duty to shareholders, which is to look after the business of the company. 18 Attempts to vote against standard resolutions such as advance payment of directors’ fees were defeated, because of the Tang family’s majority holdings19.

On 8 May 2009, the Tang brothers made their third privatisation attempt through an investment holding vehicle, Tang UnityThree, which submitted a delisting proposal to the company. The remaining shareholders were offered S$0. 83 per share20, which represented a 22 per cent premium over the company’s last traded share price of S$0. 68 prior to the offer, and a 21 per cent discount to the firm’s net asset per share price of S$1. 05 as of 31 December 200821. The board recommended that the minority shareholders accept the offer, based on an evaluation of the offer provided by the independent financial adviser PwC22.

At an Extraordinary General Meeting (EGM) held on 31 July 2009, minority shareholders questioned if the offer was reasonable, given that the shares had closed at a price above the offer at that point in time. Nonetheless, the board retained its recommendation, saying that market prices typically varied23. This was despite earlier statements by the Tangs saying that the privatisation offer was to allow shareholders to monetise the value of their investments at a premium over its historical trading prices24.

Shareholders also reproached the directors for failing to clarify with the Tangs about their redevelopment plans for Tangs Plaza after its privatisation. They expressed disappointment with the independent directors, saying that they had insufficiently analysed the issue. Third Privatisation Attempt: Voluntary Delisting 9 C. K. Tang: The Fight towards Privatisation Doubts were raised about the independence and neutrality of the CEO of the company at the time, Foo Tiang Sooi, because he was personally related to Tang Wee Sung. Foo had worked under Tang from 1999 to 2006.

He and Tang were also former schoolmates25. However, he dismissed these facts as irrelevant26. Foo also added that he was related to the shareholder who posed the question, but this fact was irrelevant as well27. Another shareholder called for a vote of no-confidence against the board chairman. After consulting with legal advisors, the board rejected the motion, with the chairman saying that the action was an attempt to frustrate the meeting28. Even as shareholders tried to probe further, the chairman called for the vote to be taken29. The resolution to privatise the company was passed with 96.25 per cent of votes in favour of the proposal30. Key Area of Controversy: Tangs Plaza The Singapore Code on Takeovers and Mergers (the Code) governs all takeover activity in Singapore involving public companies. Under Rule 26. 2(a) of the Code, “a property which is occupied for purposes of the business must be valued at the open market value for its existing use”. However, Rule 26. 2(c) provides for the case in which “such a property is valued for an alternative use. For such a case, the costs of conversion and/or adaptation should be estimated and shown” 31.

During all three privatisation attempts by the Tang brothers, the offer price reflected an undervaluation of Tangs Plaza32. The board stood by its stand of valuing the property according to its “existing use”, as there was no intention of deviating from it. One investor had brought up the fact that in C. K. Tang’s 2007 annual report, a property valuation report had taken into consideration the redevelopment potential of Tangs Plaza. In response, the board’s legal adviser, Yeo Wee Kiong, said it was not legally required to put a redevelopment valuation on the report33.10 C. K. Tang: The Fight towards Privatisation PwC stated that the property was valued at S$340 million on 25 May 200934. This was much lower than other nearby sites. In contrast, minority shareholders contested that the site was easily worth at least S$400 million, according to an independent valuer. This value did not take into account the potential value arising from redeveloping the site, and did not consider the potential value from sub-dividing the site into small retail units and leasing them to specialty tenants35.

The board, however, stated that regulators had told the directors that any such redevelopment was not applicable36. Unhappiness Amongst Minority Shareholders Several shareholders were unhappy about the perceived undervaluation of the Tangs Plaza site, as well as the fact that the offer price was less than the company’s net asset per share. Thus, they met with the Securities Investors Association (Singapore) (SIAS)37. SIAS stated that it objected to the exit price and that the minority shareholders had been treated with no dignity38. SIAS had also called for regulators to intervene39.

Ten shareholders had also signed a petition to SGX and the Ministry of Finance questioning the basis of the valuation on the property’s “existing use”40, in a bid to convince the regulators to allow them to obtain an alternative valuation report41. SGX’s reply was that C. K. Tang’s move to delist was purely commercial, and that the company had complied with the listing and delisting rules42. The Capital Reduction Exercise On 19 August 2011, C. K. Tang embarked on a capital reduction exercise to cancel out all remaining shares held by minority shareholders. C. K. Tang would pay each investor S$1.30 per share, which represents an increase of 56. 6 per cent on the exit offer in 2009. PwC had indicated that the S$1. 30 offer is 15 per cent above its fair market value43. The rationale behind the exercise was to reduce administrative burdens. Additionally, the company reaffirmed that there are no plans for the redevelopment of Tangs Plaza, and the buyout had no hidden agenda. 11 C. K. Tang: The Fight towards Privatisation However, only 39 per cent of the minority shareholders in attendance agreed to the price for the share buyback, far below the 75 per cent required.

Some minority shareholders cited the undervaluation of the Tangs Plaza property as the reason for rejecting the offer44. C. K. Tang would have to do more to convince these shareholders for the buyout to succeed.

Discussion Questions

1. In cases of companies where there are controlling shareholders, explain why the interest of controlling and minority shareholders may diverge, using the CK Tang case as an example.
2. Should independent directors be primarily concerned with the interests of the minority shareholders?
3. Evaluate the independence of C. K. Tang’s board during the third privatisation attempt
4. Do you think this affected the actions of the board during the privatisation process?
5. Do you believe that the basis of valuation was fair? Explain.
6. With regards to the privatisation episode, suggest improvements that would help protect minority shareholders in the future.
7. C. K. Tang used three different privatisation methods. Explain how these different methods work and the pros and cons of these different methods from the viewpoints of the shareholder(s) wanting to take a company private versus minority shareholders who may prefer that the company remain listed.