SMRT

[CityFarmer]

SMRT mandate is to OPERATE the train infrastructure. LTA build and pay for first set of trains.

SMRT has $600M retained earnings.

Now they want to share costs. It's like having cake and eat it.

To be fair with SMRT, In NSEWL (North-South East-West Line), SMRT owned the operating asset while LTA still owning the infrastructure and leasing it to SMRT for a fee. SMRT paid 1.2 Bils in Apr 1998 for the operating asset, not FOC from LTA.

The asset renewal applies on both the operating asset (trains, singaling system etc) and the infrastructure (sleeper and claws). It is fair and square to share the cost accordingly as stated in the LOA (Licensing and Operating Agreement) between SMRT and LTA