CONFIDENTIAL
XCC(92)89
Anglo-Japanese Consortium
28
This consortium has submitted the second lowest tender price. The tenderer is very experienced in major bridge construction, including a suspension bridge, and in achieving the requisite quality standards.
29
The Anglo-Japanese Consortium has shown an experienced appreciation of the project requirements. They have put proper emphasis on quality and safety. They have extensive and relatively recent experience of suspension bridge construction, and their joint venture partners bring strong local experience. Their methods proposed for construction are generally good and show a clear understanding of the requirements. The tenderer proposes to put its own management teams into its fabrication sub-contractors. Their management and staffing proposals are strong. Their programming lays emphasis on early completion of the bridge substructure: this should give the least risk of late completion. The TAT and the Director of Highways have assessed the probability of timely completion by the consortium at 80-85 per cent, the highest among the tenderers.
30
The financial position of the Consortium has been assessed on the same basis as for Hyundai, and has been found to be in order in all respects. The CTB has therefore recommended that the Anglo-Japanese Consortium should be awarded the Tsing Ma Bridge contract.
Offers of finance
31
On 18 September 1991, all four consortia were invited to offer financing packages for meeting part or all of the contract sums. We were interested in packages which offered terms better than what we could obtain from the markets; such offers were expected to assist us in the future disposal of the franchise to operate the LFC.
32
All four consortia offered finance packages. Three included both commercial bank and export credit elements; one consisted only of export credit loans. Having consulted our financial advisors (Morgan Stanley), the CTB concluded that none of the four financing proposals met the Government's aims, in that -
No comments yet.
Private notes are available after approval.