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2013 Enterprise 50 Awards Productivity and innovation: value drivers and catalysts of growth

Singapore, 28 November 2013 – Singapore’s 50 most enterprising privately-owned companies were unveiled at the 19th Enterprise 50 (E50) Awards presentation and gala dinner held at Resorts World Sentosa this evening.

The theme for this year’s E50 Awards was ‘Creating value to stay ahead’. It underscored the need for companies to reshape their business models and focus on value creation as a competitive advantage to stay ahead. 

Coming in first on the 2013 E50 list was Soon Li Heng Civil Engineering Pte Ltd, an excavation specialist. Property developer Teambuild Land Pte Ltd was second in the list while Borden Company Pte Ltd, a home-grown pharmaceutical manufacturing company, was ranked third. 

Acting Minister for ManpowerMr Tan Chuan Jin graced the E50 gala dinner and presented the awards to the top 10 E50 companies for 2013. Companies in the 11th to 50th positions received their awards from Minister of State for Trade and Industry, Mr Teo Ser Luck, at a ceremony held earlier this morning. 

Keeping the competitive edge 

This year’s entrants represented a good cross-section of Singapore’s manufacturing, construction and services sectors. The judges were impressed with the performance of the enterprises despite challenging trade and industry conditions. Also noteworthy was the enterprises’ focus on leveraging productivity to drive their growth strategy and boost economic competitiveness amidst a tight labour market. 

Mr Owi Kek Hean, Deputy Managing Partner and Head of Enterprise Services at KPMG in Singapore said: “The entrants for this year’s E50 Awards are enterprises in a league of their own, especially given the business and market challenges they have had to weather in recent years. 

“The 50 enterprises that made the rankings turned in healthy numbers that were driven by intentional investments in productivity improvements that are aligned with a sustainable business model. 

As a result, they have significantly raised performance and successfully positioned their company for business expansion, whether into new lines of business or to grow geographically.” 

Future-proofing the business 

This year’s E50 winners not only demonstrated strong business acumen, innovation and leadership, but also a track record in value creation and future-proofing their businesses. 

Mr Alvin Tay, Editor of The Business Times, said: “The Business Times, KPMG and the other event partners would like to extend our heartiest congratulations to all the winners. The key theme this year was creating value to stay ahead, and this year’s E50 winners have shown that they can stay resilient and effectively manage their strengths to build new strategic relationships and seek new markets to sustain their businesses.”

Participants this year were evaluated against a rigorous set of quantitative and qualitative criteria. Quantitative factors included financial performance indicators such as operating profit before tax, turnover and profit growth. 

The qualitative criteria included management and marketing strategies such as the applicants’ business model and their innovations, management ideals and governance, market branding and overall potential. 

The judging panel comprised senior management representatives from KPMG in Singapore, The Business Times, the Infocomm Development Authority (IDA), International Enterprise (IE) Singapore, the Singapore Business Federation (SBF), SPRING Singapore and OCBC Bank, which is the sponsor of the E50 Awards. 

Mr Linus Goh, Head, Global Commercial Banking, OCBC Bank, said: “OCBC Bank is delighted to return as the main sponsor of the Enterprise 50 Awards for the eighth year running. This year’s winners showcase the best of our Singapore enterprises, adapting and innovating even under uncertain market conditions to build successful and sustainable international businesses. We congratulate each of these deserving winners and look forward to seeing them leverage this award platform for greater success.” 

Mr Steve Leonard, Executive Deputy Chairman, IDA, said, “Innovation and productivity remain as two critical ingredients for our Singapore companies to transform their businesses and stay ahead of competition. Moving towards becoming a ‘smart nation’, Singapore is unifying technology, policy and industry to create an enabling environment to accelerate innovation and increase productivity through information technology.” 

Said Mr Teo Eng Cheong, CEO of IE Singapore, “Internationalisation is a critical component that will help companies become bigger and more competitive. Our latest survey showed a 30 percent increase in SMEs with clear internationalisation strategies1. To help companies do so effectively, IE Singapore will continue to support them with on-the-ground insights, market connections and strategic assistance.” 

Mr Victor Tay, Chief Operating Officer, Singapore Business Federation, said: “In tandem with the overall growth and performance of sectors in Singapore this year, we see majority of winners from the Engineering Services and Real Estate and Construction sectors. It is heartening to see this year’s E50 winners displaying competitiveness and resilience despite facing domestic challenges such as rising business costs and manpower constraints. We hope these companies will serve as role models to spur the wider business community to restructure and transform towards quality-driven and productivity-led growth for long-term business sustainability.” 

*The IE Internationalisation Survey 2012/13 showed a significant increase in SMEs that have clear priorities in internationalisation for the next 12 months, rising from 57% to 86%.

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About the Enterprise 50 Awards

The Enterprise 50 Awards, in its 19th 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), published by Singapore Press Holdings, 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 +8 hrs) and to offer news updates throughout the day, from Mondays to Sundays. 

Redesigned in September 2004 to engage a new generation of readers, a refreshing blue masthead, bigger fonts and friendlier layout were introduced. The content has been expanded to reflect a complete read, packing in loads of new features, such as specialty pages, a daily take on the health of the Singapore economy and dedicated regional pages.

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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 156 countries and have more than 152,000 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

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 in 2011 and 2012.

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 continued to gain industry recognition in 2011 including being voted the “Outstanding Private Bank in Asia Pacific” by Private Banker International.

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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. 

For more information, please visit

About International Enterprise Singapore

International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. It promotes international trade and spearheads the overseas growth of Singapore-based companies to grow Globally Competitive Companies. 

IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.

Through its Global Company Partnership, IE Singapore works with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation. 

IE Singapore’s global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit for more information.

About SPRING Singapore 

SPRING Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure. SPRING also oversees the safety of general consumer goods in Singapore. 

Please visit for more information and news about SPRING Singapore.

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. 

For more information, please visit