Some email i received from a friend.
What do you think of such a company?
Dear Investors, Partners and Friends,
Welcome to 2017.
As we usher in the New Year and bid our goodbyes to 2016, I had the opportunity to reflect upon 2016. 2016 has been a challenging year with a bleak economic outlook, I am very proud to say that amidst this economic turmoil, we are able to achieve many of the goals set at the beginning of 2016.
I would like to sincerely thank all our shareholders and investors for their support and trust towards Geollion Holdings. We have since grown to become a Conglomerate comprising of over 8 companies with diverse businesses including our concrete batching plant; construction and renovation; furniture distribution with a central focus on the consumer and retail market as well as education. Growth is further supported by synergizing and mutually complementing each and every business. Our group has an estimated operating revenue of more than USD 1 million in the last fiscal year.
In 2017, we will continue to work extremely hard, ensuring all our shareholders and investors that our investment and businesses are able to weather the economic challenges the world presents and seize opportunities that technology brings to us.
Review of 2016
2016 had been a transformational and challenging year, especially for Myanmar. Let me touch on some of the highlights:
1. The New Government in Myanmar
After the landslide electoral win in November 2015, the newly elected government and President took office in April 2016. The transition of power was smooth and peaceful which represents the military’s resolve and commitment to democracy.
The new government is committed to change, reviewing existing policies, drafting and passing new laws, and in the process revoking dated ones. Many industries were affected amidst this process; however, we understand the country leaders’ commitment to change for long-term sustainability and growth of Myanmar.
2. Myanmar Investment Law 2016
The government has passed the new Myanmar Investment Law in October 2016. The new law is a revised edition of the Foreign Investment Law 2012 and it has included clauses that further protect provide recourse for foreign investors. Details of the Law (by-laws) will be announced by April 2017.
This transition period between the revoking of the old law and passing of the new laws and created a period of confusing, not only to foreign investors, but also government bodies – whether decision making on project approval lies with the respective project ministry or the MIC or the regional government.
3. Building & Construction Industry in Yangon
The Construction business came to a hiatus in May 2016 where more than 200 residential high-rise projects were called to halt and reviewed. The Yangon City Development Council (YCDC) was also reviewing their building codes and policies, including provision for car-parking ratio; building height regulations and worksite safety implementations. YCDC also stopped all application and approval of new projects, as I am writing to you, the process is still ongoing. The entire construction industry suffered a huge impact, from construction workers being laid off, to developers incurring huge losses on their project and some smaller developers have gone bust. The concrete industry was impacted too and at least 5 concrete plants in Yangon has closed in the whole of 2016.
In view of these changes, we quickly switched our focus towards renovation and furniture retailing to cushion the impact. As more foreign investors move into Myanmar after this peaceful transition, there is an increasing demand for office renovation works and furniture supply. We have completed some projects, including the largest gym in Yangon, professional office renovations in Sule Square Offices & Mall, and have just won a contract to renovate a Vietnamese restaurant chain.
Our construction team is also focused on industrial projects, one of which is a USD 3.5 million factory construction project by a Singaporean owned company.
Our concrete batching business has also been affected by this construction hiatus, to cushion the impact; we have leased out part of our warehouse space and are currently exploring the possibilities of producing pre-cast concrete. We are also preparing ourselves and in negotiation with new potential clients once this construction stoppage is lifted.
4. Hotels & Residential in Yangon
The new government has tightened its control on issuing of new hotel licenses and there are stringent criteria to be met to receive these new licenses. Several hotels that have been built and completed failed to meet these criteria and therefore could not operate as hotels. These building owners are then forced to change their businesses and incur substantial losses. These criteria include location, building height, the number of rooms, need for car parks etc. We are reviewing our hotel projects and may convert them to service apartments if we are unable to get hotel licenses.
5. Salon Island Development in Kawthaung
Tourism Infrastructure development has always been the Myanmar’s government prerogative. The newly appointed Union Minister of Hotel and Tourism is a subject-matter expert, in the tourism sector for more than 2 decades. The government is upbeat and positive about developing the Mergui Archipelago as the next tourism hotspot in the region.
The new Kawthaung government’s project committee was only appointed and took office in November 2016. My team has presented our project to the new committee and they have gone to our island together with the land department officers to survey. We are currently working closely with our appointed EIA team to conduct a public consultation on our project at Kawthaung.
My team and I have also presented to several investors and institutional funders who have expressed interest in the Salon Island project.
6. Depreciation of Myanmar Kyats (MMK) against USD and Hyper Inflation
As a result of market uncertainty before and after the elections, the demand for USD surged up to a record high coupled with Myanmar’s severe trade deficits, MMK is currently trading at USD 1: MMK 1370 as compared to MMK 900 (June 2015).
As Myanmar does not have the technology and capability for high-value manufacturing, a lot of supplies and material has to be imported from aboard, a drastic depreciation in MMK has resulted in an inflation rate of 12% in 2016.
7. Reclusure 8 (Cambodia)
Cambodia property has hit the highest point and election is approaching. Reclusure 8 was affected by the government’s restriction to build high floor due to close proximity to Phnom Penh International airport. We are working on several other land plots and if the property market still remains gloomy, we might proceed with liquidation and return back all money back to investors to prevent losses due to project delay.
8. Stamford Education (Singapore)
Stamford education expanded to 5 different locations namely, Macdonald House, Parkway Centre, Punggol and Sengkang (Opening Soon). In 2016, we received the Entrepreneur Award from Singapore’s Deputy Prime Minister, and Special Life Changing Award from Associate Professor Fatimah. Stamford has worked hard to establish several corporate partners like DBS BANK, SIA, AVIA, EU YANG SANG TCM.
Our enrolment was affected slightly following an accident that occurred to one of our students in Macdonald House in January 2016, where the incident went viral over social media. Our team took immediate actions to remedy the negative impacts which have softened the impact it had on Stamford.
9. Crowd-funding and Fund Raising
We have decided to scale down crowd-funding activities in Singapore, only focusing on expanding our last 2 to 3 pre-schools in Singapore. We are looking to shift our focus into the SEA region, and Myanmar is a very likely and untapped market for fund-raising. Our fund-raising channels like the Myanmar Public Company will be useful in this regard. We will also be looking towards institutional investors for the next two years.
Plans for 2017
Geollion Holdings has been concentrating on building its asset base for the last few years, and will now invest in cash flow, asset-free businesses. Some of these businesses will include IT, mobile and multimedia consultation & management companies, as well as retail furniture business to establish a strong consolidated group revenue starting 2017.
1. Scala Digital Signage (Myanmar)
Scala is a digital signage platform used by international airport and transportation system, banks, university, mega malls, government offices around the world. Geollion was awarded the exclusive license by Scala Digitial Signage for Myanmar. The Myanmar IT and digital media market are huge and growing rapidly. Scala is projected to generate USD 600 million of annual revenue in Myanmar.
2. Stamford Education (Singapore)
We are in the midst of the planning for the final expansion of 2 to 3 more schools in the Western and Northern part of Singapore, thus completing our goal of 8-9 pre-schools covering the whole of Singapore. We are also commencing island-wide marketing and will be running monthly campaigns to boost enrolments in all our schools in Singapore.
Stamford Education is also exploring the possibilities of expanding into the region, especially Myanmar. My team has commenced on the relevant market analyses and feasibility studies.
3. IT, mobile and multimedia consultation
With the IT sector growing exponentially, the use of internet data has skyrocketed over the last 2 years with 39 million internet users as of July 2016. Mobile penetration rate has also reached 90%.
Predicting a similar trend that we have seen in Vietnam some 15 years ago, we are poised to take advantage of this growth, by setting up an IT team in Myanmar, targeted to support the IT infrastructure development and digital business development in this emerging economy. An incubation center is in the plan to build websites and mobile applications for businesses.
Geollion Holdings has also engaged a Chief Technology Officer, with many years of experience in this sector and has been a long-term IT systems and solutions provider to the Singapore defense ministry and other government bodies, to head our IT business.
4. Flagship Retail Furniture Store (Yangon)
Our flagship retail furniture store, located on the Ground floor of Asia Business Centre, within the heart of downtown Yangon, is currently undergoing renovation works. The current furniture market in Yangon consists of cheap but poorly designed furniture of inferior quality, or the well-designed, high quality imported ones which are extremely expensive. We aim to fill the market gap with unique furniture that is targeting middle-class affordability.
5. Geollion Myanmar Public Company
We are awaiting the finalization from the Security Exchange Commission and the bank before receiving the final documentation to start fundraising in Myanmar. The mid-term goal is to be listed on the Yangon Stock Exchange.
6. Salon Island Development
We are awaiting MIC approval and groundbreaking for Marina development after our Environmental Impact Assessment (EIA). We have already started planning for Phase 1, which is the Marina, and looking for viable business partners for possible collaborations.
As costs of alternative power like solar begin to outperform coal and natural gas, and aligned with the direction of Myanmar government’s pursuit of clean energy, we have started talks with relevant parties with the right technology.
7. Investors’ Relations
In 2016, we have not done well in the aspect of investor relations due to a limitation in resources as we had been allocating more time and efforts in our business operations. I, and on behalf of my team, would like to extend my most sincere apologies to all our Investors.
Moving forward, we will be implementing a series of protocols to improve communications and continue to build relationships with everyone who have trusted and believed in us. This includes setting up a CRM system to facilitate communications and also establishing a website with Investors’ login access.
Outlook for 2017
Significant changes in the Marco environment regionally and globally in 2016 has resulted in tremendous pressure on Geollion’s business operations regionally as indicated in the worsened financial performance compared to the same period in 2015.
It has become almost impossible to find a business owner, market watcher or economist who feels upbeat about the economic outlook. Gloomy sentiment has become par for the course - a mood borne out in a deluge of depressing data.
Geollion is making good progress, but the world around us is in flux. These are difficult and uncertain times.
We have decided to reduce operational overheads by relocating our Sales Gallery at International Plaza to Yangon (located at 261 Min Nandar Road, Geollion Building, Bamar Aye Quarter, Dawbon Township, Yangon, Myanmar).
At present, our core management team, administrative and investor relations management team in Singapore has been relocated to Primz Bizhub, 21 Woodlands Close, Singapore 737854, with immediate effect. This new office in Woodlands will continue to serve and update all our clients and investors in Singapore.
Our business operation team will be relocated from Singapore to an office in Kuala Lumpur (KL). We will inform everyone of our office address in KL in due course.
Moving to KL also align with our plan to implementing sustainable middle management team to supports all our businesses. The driving force behind Geollion’s future growth is the diversification of human resources, which are our greatest management resources. Moving to KL allow us to get the best talents without high operational overheads.
The move is part of Geollion Holding's strategy to streamline its operations in preparation for expected economic headwinds.
At Geollion we have an enterprising culture. We are creative, nimble and entrepreneurial. Entrepreneurship is part of our heritage; the people who make it happen day-to-day own a large percentage of the equity in our company.
Being enterprising sets us apart from the rest. More importantly, this enterprising culture encourages our people to think differently, share great ideas and offer thoughtful and innovative advice that accelerates the success of our clients.
Geollion’s commitment to innovation is best reflected in our development and implementation of proprietary tools, technology, and strategies. We believe that only with the right mindset and preparations, we can create a miracle in this gloomy and challenging economic climate in 2017.
There will be plenty of surprises and challenges in 2017, just as there have been in 2016. But our unique strengths ensure that we are well placed to meet the unexpected and make 2017 a winning year for all.
Appreciation
Before I end my letter, I would like to personally express my sincere appreciation to the Board of Directors and each and every one of our staff for their hard work and dedication in making Geollion stronger and more resilient.
To our valued business partners, investors and shareholders who have stood by us, we are deeply appreciative of your trust, support and friendship.
Geollion Holdings started with nothing. It is the very trust and support all our investors have empowered onto us that brings us this far today. Without you, we would not be where we are today.
I am always consciously aware of 2 facts,
1. To invest in an emerging market like Myanmar is taking a substantial amount of risks.
2. To invest in an emerging market like Myanmar through and with Geollion Holdings is taking a leap of faith.
I acknowledge that taking the road less traveled would be a turbulent one, things does not always go as planned, unforeseen circumstances forced us to change course, however, it is my responsibility to steer the plane back onto its correct route. I want to assure each and every one that the leap of faith you took with us, would be worthwhile and fruitful.
I quote Martin Luther King Jr., “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy”.
We look forward to closer collaborations in years to come as we set our sights to scale greater heights.
I wish everyone a very Happy New Year and may 2017 be a year of abundance for all.
Thank you.
Jack Lan Zijun
Chairman & Group CEO
Geollion Holdings Pte Ltd
What do you think of such a company?
Dear Investors, Partners and Friends,
Welcome to 2017.
As we usher in the New Year and bid our goodbyes to 2016, I had the opportunity to reflect upon 2016. 2016 has been a challenging year with a bleak economic outlook, I am very proud to say that amidst this economic turmoil, we are able to achieve many of the goals set at the beginning of 2016.
I would like to sincerely thank all our shareholders and investors for their support and trust towards Geollion Holdings. We have since grown to become a Conglomerate comprising of over 8 companies with diverse businesses including our concrete batching plant; construction and renovation; furniture distribution with a central focus on the consumer and retail market as well as education. Growth is further supported by synergizing and mutually complementing each and every business. Our group has an estimated operating revenue of more than USD 1 million in the last fiscal year.
In 2017, we will continue to work extremely hard, ensuring all our shareholders and investors that our investment and businesses are able to weather the economic challenges the world presents and seize opportunities that technology brings to us.
Review of 2016
2016 had been a transformational and challenging year, especially for Myanmar. Let me touch on some of the highlights:
1. The New Government in Myanmar
After the landslide electoral win in November 2015, the newly elected government and President took office in April 2016. The transition of power was smooth and peaceful which represents the military’s resolve and commitment to democracy.
The new government is committed to change, reviewing existing policies, drafting and passing new laws, and in the process revoking dated ones. Many industries were affected amidst this process; however, we understand the country leaders’ commitment to change for long-term sustainability and growth of Myanmar.
2. Myanmar Investment Law 2016
The government has passed the new Myanmar Investment Law in October 2016. The new law is a revised edition of the Foreign Investment Law 2012 and it has included clauses that further protect provide recourse for foreign investors. Details of the Law (by-laws) will be announced by April 2017.
This transition period between the revoking of the old law and passing of the new laws and created a period of confusing, not only to foreign investors, but also government bodies – whether decision making on project approval lies with the respective project ministry or the MIC or the regional government.
3. Building & Construction Industry in Yangon
The Construction business came to a hiatus in May 2016 where more than 200 residential high-rise projects were called to halt and reviewed. The Yangon City Development Council (YCDC) was also reviewing their building codes and policies, including provision for car-parking ratio; building height regulations and worksite safety implementations. YCDC also stopped all application and approval of new projects, as I am writing to you, the process is still ongoing. The entire construction industry suffered a huge impact, from construction workers being laid off, to developers incurring huge losses on their project and some smaller developers have gone bust. The concrete industry was impacted too and at least 5 concrete plants in Yangon has closed in the whole of 2016.
In view of these changes, we quickly switched our focus towards renovation and furniture retailing to cushion the impact. As more foreign investors move into Myanmar after this peaceful transition, there is an increasing demand for office renovation works and furniture supply. We have completed some projects, including the largest gym in Yangon, professional office renovations in Sule Square Offices & Mall, and have just won a contract to renovate a Vietnamese restaurant chain.
Our construction team is also focused on industrial projects, one of which is a USD 3.5 million factory construction project by a Singaporean owned company.
Our concrete batching business has also been affected by this construction hiatus, to cushion the impact; we have leased out part of our warehouse space and are currently exploring the possibilities of producing pre-cast concrete. We are also preparing ourselves and in negotiation with new potential clients once this construction stoppage is lifted.
4. Hotels & Residential in Yangon
The new government has tightened its control on issuing of new hotel licenses and there are stringent criteria to be met to receive these new licenses. Several hotels that have been built and completed failed to meet these criteria and therefore could not operate as hotels. These building owners are then forced to change their businesses and incur substantial losses. These criteria include location, building height, the number of rooms, need for car parks etc. We are reviewing our hotel projects and may convert them to service apartments if we are unable to get hotel licenses.
5. Salon Island Development in Kawthaung
Tourism Infrastructure development has always been the Myanmar’s government prerogative. The newly appointed Union Minister of Hotel and Tourism is a subject-matter expert, in the tourism sector for more than 2 decades. The government is upbeat and positive about developing the Mergui Archipelago as the next tourism hotspot in the region.
The new Kawthaung government’s project committee was only appointed and took office in November 2016. My team has presented our project to the new committee and they have gone to our island together with the land department officers to survey. We are currently working closely with our appointed EIA team to conduct a public consultation on our project at Kawthaung.
My team and I have also presented to several investors and institutional funders who have expressed interest in the Salon Island project.
6. Depreciation of Myanmar Kyats (MMK) against USD and Hyper Inflation
As a result of market uncertainty before and after the elections, the demand for USD surged up to a record high coupled with Myanmar’s severe trade deficits, MMK is currently trading at USD 1: MMK 1370 as compared to MMK 900 (June 2015).
As Myanmar does not have the technology and capability for high-value manufacturing, a lot of supplies and material has to be imported from aboard, a drastic depreciation in MMK has resulted in an inflation rate of 12% in 2016.
7. Reclusure 8 (Cambodia)
Cambodia property has hit the highest point and election is approaching. Reclusure 8 was affected by the government’s restriction to build high floor due to close proximity to Phnom Penh International airport. We are working on several other land plots and if the property market still remains gloomy, we might proceed with liquidation and return back all money back to investors to prevent losses due to project delay.
8. Stamford Education (Singapore)
Stamford education expanded to 5 different locations namely, Macdonald House, Parkway Centre, Punggol and Sengkang (Opening Soon). In 2016, we received the Entrepreneur Award from Singapore’s Deputy Prime Minister, and Special Life Changing Award from Associate Professor Fatimah. Stamford has worked hard to establish several corporate partners like DBS BANK, SIA, AVIA, EU YANG SANG TCM.
Our enrolment was affected slightly following an accident that occurred to one of our students in Macdonald House in January 2016, where the incident went viral over social media. Our team took immediate actions to remedy the negative impacts which have softened the impact it had on Stamford.
9. Crowd-funding and Fund Raising
We have decided to scale down crowd-funding activities in Singapore, only focusing on expanding our last 2 to 3 pre-schools in Singapore. We are looking to shift our focus into the SEA region, and Myanmar is a very likely and untapped market for fund-raising. Our fund-raising channels like the Myanmar Public Company will be useful in this regard. We will also be looking towards institutional investors for the next two years.
Plans for 2017
Geollion Holdings has been concentrating on building its asset base for the last few years, and will now invest in cash flow, asset-free businesses. Some of these businesses will include IT, mobile and multimedia consultation & management companies, as well as retail furniture business to establish a strong consolidated group revenue starting 2017.
1. Scala Digital Signage (Myanmar)
Scala is a digital signage platform used by international airport and transportation system, banks, university, mega malls, government offices around the world. Geollion was awarded the exclusive license by Scala Digitial Signage for Myanmar. The Myanmar IT and digital media market are huge and growing rapidly. Scala is projected to generate USD 600 million of annual revenue in Myanmar.
2. Stamford Education (Singapore)
We are in the midst of the planning for the final expansion of 2 to 3 more schools in the Western and Northern part of Singapore, thus completing our goal of 8-9 pre-schools covering the whole of Singapore. We are also commencing island-wide marketing and will be running monthly campaigns to boost enrolments in all our schools in Singapore.
Stamford Education is also exploring the possibilities of expanding into the region, especially Myanmar. My team has commenced on the relevant market analyses and feasibility studies.
3. IT, mobile and multimedia consultation
With the IT sector growing exponentially, the use of internet data has skyrocketed over the last 2 years with 39 million internet users as of July 2016. Mobile penetration rate has also reached 90%.
Predicting a similar trend that we have seen in Vietnam some 15 years ago, we are poised to take advantage of this growth, by setting up an IT team in Myanmar, targeted to support the IT infrastructure development and digital business development in this emerging economy. An incubation center is in the plan to build websites and mobile applications for businesses.
Geollion Holdings has also engaged a Chief Technology Officer, with many years of experience in this sector and has been a long-term IT systems and solutions provider to the Singapore defense ministry and other government bodies, to head our IT business.
4. Flagship Retail Furniture Store (Yangon)
Our flagship retail furniture store, located on the Ground floor of Asia Business Centre, within the heart of downtown Yangon, is currently undergoing renovation works. The current furniture market in Yangon consists of cheap but poorly designed furniture of inferior quality, or the well-designed, high quality imported ones which are extremely expensive. We aim to fill the market gap with unique furniture that is targeting middle-class affordability.
5. Geollion Myanmar Public Company
We are awaiting the finalization from the Security Exchange Commission and the bank before receiving the final documentation to start fundraising in Myanmar. The mid-term goal is to be listed on the Yangon Stock Exchange.
6. Salon Island Development
We are awaiting MIC approval and groundbreaking for Marina development after our Environmental Impact Assessment (EIA). We have already started planning for Phase 1, which is the Marina, and looking for viable business partners for possible collaborations.
As costs of alternative power like solar begin to outperform coal and natural gas, and aligned with the direction of Myanmar government’s pursuit of clean energy, we have started talks with relevant parties with the right technology.
7. Investors’ Relations
In 2016, we have not done well in the aspect of investor relations due to a limitation in resources as we had been allocating more time and efforts in our business operations. I, and on behalf of my team, would like to extend my most sincere apologies to all our Investors.
Moving forward, we will be implementing a series of protocols to improve communications and continue to build relationships with everyone who have trusted and believed in us. This includes setting up a CRM system to facilitate communications and also establishing a website with Investors’ login access.
Outlook for 2017
Significant changes in the Marco environment regionally and globally in 2016 has resulted in tremendous pressure on Geollion’s business operations regionally as indicated in the worsened financial performance compared to the same period in 2015.
It has become almost impossible to find a business owner, market watcher or economist who feels upbeat about the economic outlook. Gloomy sentiment has become par for the course - a mood borne out in a deluge of depressing data.
Geollion is making good progress, but the world around us is in flux. These are difficult and uncertain times.
We have decided to reduce operational overheads by relocating our Sales Gallery at International Plaza to Yangon (located at 261 Min Nandar Road, Geollion Building, Bamar Aye Quarter, Dawbon Township, Yangon, Myanmar).
At present, our core management team, administrative and investor relations management team in Singapore has been relocated to Primz Bizhub, 21 Woodlands Close, Singapore 737854, with immediate effect. This new office in Woodlands will continue to serve and update all our clients and investors in Singapore.
Our business operation team will be relocated from Singapore to an office in Kuala Lumpur (KL). We will inform everyone of our office address in KL in due course.
Moving to KL also align with our plan to implementing sustainable middle management team to supports all our businesses. The driving force behind Geollion’s future growth is the diversification of human resources, which are our greatest management resources. Moving to KL allow us to get the best talents without high operational overheads.
The move is part of Geollion Holding's strategy to streamline its operations in preparation for expected economic headwinds.
At Geollion we have an enterprising culture. We are creative, nimble and entrepreneurial. Entrepreneurship is part of our heritage; the people who make it happen day-to-day own a large percentage of the equity in our company.
Being enterprising sets us apart from the rest. More importantly, this enterprising culture encourages our people to think differently, share great ideas and offer thoughtful and innovative advice that accelerates the success of our clients.
Geollion’s commitment to innovation is best reflected in our development and implementation of proprietary tools, technology, and strategies. We believe that only with the right mindset and preparations, we can create a miracle in this gloomy and challenging economic climate in 2017.
There will be plenty of surprises and challenges in 2017, just as there have been in 2016. But our unique strengths ensure that we are well placed to meet the unexpected and make 2017 a winning year for all.
Appreciation
Before I end my letter, I would like to personally express my sincere appreciation to the Board of Directors and each and every one of our staff for their hard work and dedication in making Geollion stronger and more resilient.
To our valued business partners, investors and shareholders who have stood by us, we are deeply appreciative of your trust, support and friendship.
Geollion Holdings started with nothing. It is the very trust and support all our investors have empowered onto us that brings us this far today. Without you, we would not be where we are today.
I am always consciously aware of 2 facts,
1. To invest in an emerging market like Myanmar is taking a substantial amount of risks.
2. To invest in an emerging market like Myanmar through and with Geollion Holdings is taking a leap of faith.
I acknowledge that taking the road less traveled would be a turbulent one, things does not always go as planned, unforeseen circumstances forced us to change course, however, it is my responsibility to steer the plane back onto its correct route. I want to assure each and every one that the leap of faith you took with us, would be worthwhile and fruitful.
I quote Martin Luther King Jr., “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy”.
We look forward to closer collaborations in years to come as we set our sights to scale greater heights.
I wish everyone a very Happy New Year and may 2017 be a year of abundance for all.
Thank you.
Jack Lan Zijun
Chairman & Group CEO
Geollion Holdings Pte Ltd
