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Project Finance
Through project finance to help companies obtain financing for new businesses
Development project in Ireland by Euro-Asia Investment Development Corp.
In 1990, Global Financial Services assisted Euro-Asia Investment Development Corp. in obtaining a US$20 million loan from the Executive Yuan's Overseas Economic Cooperation Fund to finance the Far Eastern Industrial Park which the company was developing in Ireland. Global Financial Services assisted in negotiations on the terms and particulars of the loan agreement. Euro-Asia Investment Development Corp's Far Eastern Industrial Park development project was put together based on the internationalization trend of Taiwanese industries. Many renowned domestic corporations and business groups such as Tung Ho Steel, Yue Foong Yu, Continental Engineering, Chia Hsin Cement, and Tailung Enterprises were invited to join the project. The main objective of the project was to create a superior overseas investment environment for Taiwanese vendors, and to develop international markets for them.
Financial planning for the third phase of expansion of the Hsinchu Science-Based Industrial Park
At the end of 1990, Global Financial Services was retained by the Hsinchu Science-Based Industrial Park's administrative bureau to make projections on the capital requirements of the Park's operating fund for a six-year expansion project, explore the necessity for rights issue of the fund, and, at the same time, assist the Park in establishing a financial forecasting model. Global Financial Services not only performed an analysis of the current status of the Park's operating fund, but also assisted the Park's administrative bureau in formulating forecasting assumptions and models, with the aim of giving it a clear understanding of the financial condition of any future modifications to the expansion project.
Joint development project for designated land in Taipei Railway Station Area
In May 1992, Global Financial Services was retained by Han Ku Development Advisory Co.,Ltd. to serve as the financial planning consultant for this development project. Global Financial Services' financial planning tasks were divided into three categories:(1) Product positioning, (2) risk assessment, (3) project finance.
China Steel's investment in an integrated steel mill project in Malaysia
In 1991, Global Financial Services was retained by China Steel to serve as the financial consultant for China Steel's investment in an integrated steel mill project in Malaysia. This project called for a total investment of NT$67.8 billion, of which China Steel invested 40% in its equity and took charge of the construction and future operations of the company. For this project, Global Financial Services not only assisted China Steel in devising the investment plan, it also provided financial analysis and a financing plan, and helped China Steel to draft and negotiate relevant contracts. This project marked Taiwan's first "project finance" case, and was also China Steel's first overseas investment project.
Financial planning for the high-speed rail along Taiwan's western corridor
In 1992, Global Financial Services was retained by the Ministry of Transportation and Communications' Preparatory Office of the High Speed Rail System to serve as the financial consultant. This project involved the construction of a high-speed railroad between Taipei and Kaohsiung, with speeds of 300 kilometers per hour. Projected engineering expenses were at NT$426.6 billion. For this project, Global Financial Services not only assisted the Preparatory Office of High Speed Rail System in setting up a financial model, it also performed risk assessments and devised a financing plan. At the same time, Global Financial Services aided the Preparatory Office of High Speed Rail System in drafting an organization and funding plan for privatization of the railroad. This project was a cornerstone of the government's six-year national development project, which aimed to stimulate balanced regional development within Taiwan and nurture its industrial capabilities. The privatization plan itself was a world-first for high-speed railways.
Financial Advisors for the proposed strategic alliance program with the Government and AT&T
In 1993, AT&T signed a strategic alliance agreement with Taiwan's government, to combine Taiwanese and American capital and technology to jointly develop overseas markets-and thereby enhance both the technological standard of Taiwan's communications industry and help position Taiwan as an important regional business hub. Global Financial Services served as AT&T's financial consultant, assisting it in formulating the structure of the joint venture, assessing long-term financing sources available within Taiwan's financial system, and devising preliminary financial plans for specific overseas investment opportunities.
Establishment of Asia Pacific Energy Development Co., Ltd.
In 1994, Global Financial Services recommended that Unicorn Investment Holdings, China Ecotek Corporation, and Taiwan Synthetic Rubber jointly fund the establishment of Asia Pacific Energy Development Co., Ltd. to pursue investment, construction, and operation of power generation plants in Asia-particularly Taiwan, mainland China, the Philippines, and Indonesia-so as to seize development opportunities in Asia's private power industry. For this project, Global Financial Services performed feasibility studies, and after evaluating potential market scale for private power generation, possible business models, technological capabilities, competitive advantages, and development strategies, it devised a workable plan that integrated expertise in the three fields of power plant construction, operation, and financial analysis. It represented a pioneering effort for Taiwan's private power generation industry.
Feasibility study and financial planning for the National Eastern Highway
In July 1994, Global Financial Services was retained by Sinotech Engineering Consultants to serve as the financial consultant for a feasibility study of the National Eastern Highway. It was responsible for the funding sources and financial planning. The main tasks included surveying funding sources used for highways in foreign countries, evaluating the government's funding capabilities, analyzing possible funding sources and financial models, and finally, the feasibility for private-sector participation . This project provided pronounced benefits for balancing regional development in Taiwan and enhancing the quality of leisure life of its citizenry. Global Financial Services utilized its extensive experience in finance both in Taiwan and abroad, as well as its professional know-how, to satisfy Sinotech's requirements, providing the government with a financial solution that was best suited for the particular economic considerations of this project.
Financial planning for Taiwan's mixed-use rail transport corporation project
The mixed-use rail transport project was jointly developed by renowned domestic and foreign shipping companies and engineering consultants such as Maersk, P&O Nedlloyd, Yangming Marine, and American railway engineering consultant FR Harris. The project aimed to exploit unused transport capacity in the western network of Taiwan's railway system to transport shipping containers to and from Kaohsiung harbor, which can dramatically lower land transport costs and reduce congestion on the highway system. In 1996, Global Financial Services was retained by the preparatory office for mixed-use rail transport corporation to conduct a financial feasibility study. As this project had significant social and economic benefits, it was supported by the Council for Economic Planning and Development and the Taiwan Provincial Government. However, despite the finanial feasibility,this project has not been finished due to obstacles involving the ability of the Taiwan Railway Administration to adjust its transport schedules and coordination between various administrations.
Financial planning for Taiwan High Speed Rail Corporation
On October 29, 1996, the Preparatory Office of High Speed Rail System (now the Bureau of Taiwan High Speed Rail) of the Ministry of Transportation and Communications announced that it was seeking participation of private-sector in the construction and operation of Taiwan's north-south high-speed railway. This project was the world's largest BOT project when it was announced. Global Financial Services has, from the very beginning, assisted the Taiwan High Speed Rail Corporation in performing tendering work related to the project. In July 1998, The Taiwan High Speed Rail Corporation signed a formal agreement with the Ministry of Transportation and Communications to obtain rights for the construction and operation of the railway, operating rights for ancillary businesses, and development rights for areas within the railway's stations. During this period, Global Financial Services has not only performed financial analysis and risk assessments for Taiwan High Speed Rail Corporation, it has also successfully assisted the company in obtaining NT$280 billion in middle- and long-term funding from the Executive Yuan as a domestic funding source. In addition, it is aiding the company in various tender procedures, as well as negotiating with the government and lead banks on the terms and collateralization for the funding plan under a project finance structure. Moreover, it was involved in coordinating related tasks for professional organizations in the fields of taxation, accounting, transport, engineering, insurance, and foreign financial consulting committees to promoting BOT project of the Taiwan High Speed Rail BOT project.
Financing for Hsin Yu Energy Development's Hsinchu Science-Based Industrial Park Plant #1
Hsin Yu Energy Development's Plant #1 at the Hsinchu Science-Based Industrial Park is a cogeneration plant that utilizes a natural gas recycling unit. It has a capacity of 175MW with output of a maximum of 65 tons of medium-pressure steam per hour. Total investment in the construction of the plant was NT$4.7 billion. Global Financial Services was retained by Hsin Yu in 1997 to arrange funding for the construction of the plant, and was subsequently successful in obtaining a syndicated loan of NT$2.7 billion led by Chiao Tung Bank. The financing plans also included medium- and long-term funding that was approved by the Council for Economic Planning and Development. This was Taiwan's first case of project finance.
Financing for Kaohsiung's Rapid Transit System
Bureau of Rapid Transit Systems of the Kaohsiung City Government announced in February 1999 that it was seeking private participation in the construction of the Red and Orange lines of its rapid transit systems-a BOT project that follows the precedent set by Taiwan's high-speed railway. Competitive bids were proposed by two large teams-the Kaohsiung Rapid Transit Alliance and the Harbor City Rapid Transit Alliance. Global Financial Services was commissioned by the latter composed of Canada's Bombadier Inc. and several domestic companies to perform financial planning , put together the investment proposal and financing proposal, and assist the Alliance in developing its bidding strategy. This project was given to the Kaohsiung Rapid Transit Alliance after evaluation by the Kaohsiung City Government who concluded that it fielded the superior bid, at which point a contract was drawn up between it and the government for construction and operation.
Financial planning for the Taipei Port Container Terminal
Global Financial Services successfully helped a consortium in coordinating tasks related to submission of its bid in 2001. In 2002, the key task was to assist the consortium in negotiating important business terms after having been qualified as the most outstanding applicant. GFS also assisted the lead organization in devising the construction and operation contract, as well as performing related work such as making financial projections and analyses.
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