Milestone year for award that recognises Enterprising Singapore

Milestone Year For Award That Recognises Enterprising Singapore

November 5, 2004

The 2004 Enterprise 50 (E50) winners have all the reasons to celebrate. The award program is in its milestone 10th year.

Over the decade, the E50 award ranking has evolved into the definitive list of Singapore's 50 most enterprising, privately held companies.

The E50 award program was created by Accenture and the Business Times (BT) in 1995 to identify, support and reward enterprising privately-owned, local companies across all sectors. Tonight, fifty companies and five startups will be honoured at the Enterprise 50 and e50.startup Gala Dinner and Award Presentation. Acting Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan will be the Guest-of-Honour. The event will be held at the Raffles City Convention Centre.

According to Mr. Seah Chin Siong, Country Managing Director, Accenture, "E50 is more than just an award. Winning this award enhances reputations, bolsters employee morale, and even facilitates the development of strategic business relations." "The award is not just about the eventual winners but rather it's about fostering and facilitating the development of local companies in our economy and those that venture abroad. The 55 winners have embraced entrepreneurial ideals and will undoubtedly be regarded as role models for other local enterprises," he added.

Alvin Tay of The Business Times remarked, "We at the Business Times are proud and privileged to co-sponsor this high-profile event, now in its tenth year. Since its inception, the E50 program has honoured hundreds of companies that epitomise the spirit of enterprise. Almost 90 of them have gone on to be listed and some have even become household names." He added, "This year's list reflects the renewal and change currently taking place in Singapore's corporate landscape, with more than half of the E50 winners - and six of the top ten - being new entrants."

This year's rankings were eagerly anticipated as local enterprises rode out the economic downturn of the last few years. In the top three spots of the 2004 E50 list are Sinoying Singapore Pte Ltd, APS Asset Management Pte Ltd and eSys Distribution Pte Ltd. More than half of the 50 winners are new entrants.

E50 is a much sought after platform for companies eyeing a public listing on the local bourse. Almost 90 E50 companies have been publicly listed to date. The participants are evaluated based on a quantitative and qualitative evaluation process, which takes into consideration performance indicators such as operating profit before tax, turnover and profit growth. Qualitative aspects include management philosophy, innovation and market presence.

The judging panel comprised senior management representatives from Accenture, the Business Times, the Economic Development Board (EDB) and International Enterprise Singapore

(IE Singapore). DBS Bank has been the sole sponsor of this award program since 2003.

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