Singapore, 23 November 2011 - Singapore's 50 most enterprising companies for 2011 were announced at the Enterprise 50 (E50) Awards Presentation and Gala Dinner this evening. Leading the awards’ list in 2011 was Wah Loon Engineering Pte Ltd, a local Mechanical and Electrical contractor. In second and third place respectively were P&N Holdings Pte Ltd and Eurokars Group of Companies.
The Guest-of-Honour for the E50 Awards Presentation and Gala Dinner at the Raffles City Convention Centre was Minister for the Environment and Water Resources, Dr Vivian Balakrishnan. He presented the awards to this year’s top 10 E50 companies.
Minister of State for Trade and Industry, Mr Teo Ser Luck, gave away the awards to the remaining 40 companies, ranked 11th to 50th on the E50 2011 list at a separate ceremony held in the morning.
Mr Owi Kek Hean, Deputy Managing Partner and Head of Enterprise Services, KPMG in Singapore said: “KPMG is proud to be the co-organiser of the Enterprise 50 Awards with the Business Times. The E50 winners represent the finest of Singapore entrepreneurship. Its winners epitomise the qualities essential for successful commerce and exhibit the true strength of enterprise.”
He added, “While initial expectations for 2011 favoured continued economic recovery, it is becoming increasingly clear that economic volatility will be with us for some time yet. Nevertheless, it is important that companies continue to explore growth opportunities. Key to this is structuring for productivity and innovation. The race is on to see who can use their limited resources to produce maximum results and stay ahead.”
Mr Alvin Tay, Editor of The Business Times, said: "This year’s E50 winners are at the forefront of their respective businesses, offering a compelling value proposition to their customers and business partners. They are also big on innovations, possess sound marketing capabilities and are prudent in cost and financial management. These are common attributes that mark our winning enterprises and place them in good stead as they take on the challenges and opportunities in their industries. The Business Times congratulates them on being the winners at E50 2011.”
Enhanced criteria on productivity and innovation
The theme for this year’s awards is ‘Structuring for optimal growth’, in spite of the uncertain economic outlook. This year’s judging criterion have been revised with a focus on productivity and innovation and evaluates both quantitative and qualitative factors. The former takes into consideration financial performance indicators such as operating profit before tax, turnover and profit growth. The latter assesses the company’s work processes, organisation structure, product development, corporate governance and other aspects which contribute to its successful business model in an ever-changing business landscape.
Identifying some of the Industry’s best
The judges were particularly impressed this year with the strong showing among enterprises despite the economic uncertainties. This year’s list comprises organisations from industries such as information and high technology (4 percent), engineering services (2 percent), logistics (4 percent), real estate and construction (18 percent), wholesale (6 percent), distribution and retail (20 percent), manufacturing (34 percent), as well as other industries (12 percent). The largest proportions of industries represented were manufacturing and real estate and construction.
The judging panel comprised senior management representatives from KPMG in Singapore, The Business Times, the Infocomm Development Authority of Singapore (IDA), International Enterprise (IE) Singapore, the Singapore Business Federation (SBF), SPRING Singapore and OCBC bank, who is the sponsor of the Awards for the sixth year running.
Mr Linus Goh, Global Head of Enterprise Banking and Financial Institutions, OCBC Bank said: "OCBC Bank is proud to be the main sponsor of the Enterprise 50 Awards for the 6th consecutive year. This year’s E50 winners are a testament to the strength and resilience of entrepreneurship in Singapore. The winning companies have excelled in innovation and demonstrated their adaptability in sustaining growth even in uncertain and volatile business cycles. We congratulate each winner and wish them continued success as they leverage this powerful award platform to raise their profile and grow their businesses."
OCBC has been serving SMEs since 1932. It was named the Best ASEAN SME Bank of the Year by Asian Banking & Finance Magazine in 2011 and the Best SME Bank in Singapore by Alpha Southeast Asia for the second year running, underscoring its commitment to help enterprises grow and expand their business successfully.
RADM(NS) Ronnie Tay, Chief Executive Officer of IDA said: “In today’s increasingly globalised business environment, innovation and productivity are key to our SMEs' success. More and more SMEs are tapping on infocomm to innovate and improve operations so as to differentiate themselves and gain a competitive edge, as well as to expand their market reach locally and globally.”
Mr Teo Eng Cheong, CEO, International Enterprise (IE) Singapore said: "It is encouraging that a quarter of this year’s E50 winners generated at least half of their sales turnover from overseas markets. To sustain their growth in today’s global economy, companies should continue to expand overseas. Singapore enterprises that are committed to building up their internationalisation capabilities, understanding and adapting to overseas markets can become globally competitive companies."
Mr Victor Tay, Chief Operating Officer, Singapore Business Federation said: “As the apex business chamber, the Singapore Business Federation is heartened to see this year’s E50 winners propelling their businesses to new heights. We have seen top winners from buoyant value chain sectors across Engineering Services, Construction and Real Estate, which provided a significant contribution to Singapore economy last year. These enterprises have shown that the stellar growth at domestic front, emerging straight from financial crisis, has fuelled last year's economy. The E50 SMEs have exemplified the possibility of extracting fundamental growth from domestic market during an uncertain global economic situation.”
SPRING Singapore Chief Executive Mr Png Cheong Boon congratulates the E50 Awards winners for their outstanding business achievements. "The E50 winners are exemplary enterprises for all Singapore SMEs. With their foresight and commitment to invest continuously in building internal capabilities, adopting innovation and enhancing productivity, they have thrived and successfully seized new opportunities in the volatile and challenging global market. SPRING Singapore will continue to support Singapore SMEs in developing innovation capabilities and raising productivity so that they could continue to compete effectively globally.”
For further information, please contact:
Yeo Siew Chi
Singapore Press Holdings Limited
Tel: +65 6319 1586
Marketing & Communications
KPMG in Singapore
Tel: +65 6507 1519
Marketing & Communications
KPMG in Singapore
Tel: +65 6507 1534
About the Enterprise 50 Awards
The Enterprise 50 Awards, in its 17th year, was launched in 1995 to identify, support, recognise and reward enterprising privately-owned, local companies across all sectors. It has become a definitive list of the 50 most enterprising, privately-held local companies in Singapore.
E50 is jointly organised by The Business Times and KPMG in Singapore, and sponsored by OCBC Bank. Supporters of the awards include the Singapore Business Federation, the Infocomm Development Authority of Singapore, International Enterprise Singapore and SPRING Singapore.
About The Business Times
The Business Times (BT), a member of the Singapore Press Holdings group, is South-east Asia's leading business daily. It is Singapore’s only financial daily and provides a complete guide on the local, regional and international business scene.
BT brings to its readers each day a comprehensive and concise package of corporate, financial, economic and political news, analysis and commentary. BT also carries features and the latest lifestyle trends in food, entertainment, shopping, arts, health, travel and design. In June 1995, BT became the first English-language newspaper in Asia to go on the World Wide Web. Since January 2000, BT Online started to be available from 4am Singapore time (GMT +0800) and to offer news updates throughout the day.
About KPMG in Singapore
KPMG in Singapore is part of a global network of professional services firms providing Audit, Tax and Advisory services. The independent member firms of the KPMG network operate in 150 countries and have more than 138,000 professionals worldwide.
Our professionals can help growing enterprises cut through the complexity in doing business across a broad range of business issues facing them in their growth, performance, governance, and compliance objectives. These include audit, tax, business planning, and advice on fundraising, acquisitions, process improvements, and risk management. KPMG’s website is located at kpmg.com.sg
About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. It is also ranked by Bloomberg Markets as the world's strongest bank.
OCBC Bank and its subsidiaries offer a broad array of specialist financial services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has a network of over 500 branches and representative offices in 15 countries and territories, including more than 400 branches and offices in Indonesia that are operated by its subsidiary, Bank OCBC NISP.
OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia by assets. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia. Private banking services are provided by subsidiary Bank of Singapore, which has been ranked among the top three private banks in Singapore.
About the Infocomm Development Authority of Singapore
The Infocomm Development Authority of Singapore (IDA) is committed to growing Singapore into a dynamic global infocomm hub. It works closely with various stakeholders across sectors like education, healthcare, finance, transport, logistics, interactive and digital media, hospitality and retail to leverage infocomm for its economic and social development. The initiative, Infocomm@SME Programme offers Small and Medium Enterprises (SMEs) a series of initiatives and resources in speeding up their infocomm transformation. This is part of the nation’s iN2015 masterplan to develop Singapore into an intelligent nation, global city powered by infocomm.
About International Enterprise Singapore
International Enterprise (IE) Singapore is an agency under the Ministry of Trade and Industry spearheading the development of Singapore’s external economic wing.
Our mission is to promote the overseas growth of Singapore-based enterprises and international trade. With a global network in over 30 locations and our 3C framework of assistance – Connections, Competency, Capital, we offer services to help enterprises export, develop business capabilities, find overseas partners and enter new markets. At the same time, we work to position Singapore as a base for foreign businesses to expand into the region in partnership with Singapore-based companies.
About SPRING Singapore
SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. We work with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness and facilitate trade.
About Singapore Business Federation
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore, in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral for the purpose of trade expansion and business networking.