Nominations open for the 2006 Enterprise 50 and e50.startup list

Singapore's 50 Most Enterprising Companies For 2006 Announced

June 15, 2006

SINGAPORE, November 3, 2006 ? APS Asset Management Pte Ltd, a home-grown company which has consistently topped the ranks of the Enterprise 50 (e50) list, took the top spot at tonight's 2006 Enterprise 50 and e50.startup Gala Dinner and Award Presentation.

The dinner was officiated by Minister of State for Trade & Industry, Mr Lee Yi Shyan, who gave away the awards to the winning companies.

The Enterprise 50 award, now in its twelfth year, was created by Accenture and The Business Times in 1995 to identify, support and reward enterprising privately-owned, local companies across all sectors. In addition to the 50 companies, five start-up companies were also chosen to receive the e50.startup award. The e50.startup award was created in 2002 to recognise local companies who do not have the track record needed to qualify for the main Enterprise 50 list but are innovative and possess notable enterprising spirit.

In second and third place respectively on this year's Enterprise 50 list are LIPICO Technologies Pte Ltd and Wee Tiong (S) Pte Ltd. The top three e50.startup winners are Synergy Logistics Pte Ltd, Aeromobiles Pte Ltd, and SPL Innotech Pte Ltd.

"The e50 list represents the best of Singapore's entrepreneurship." said Mr Seah Chin Siong, Country Managing Director of Accenture. "These enterprising winners have not only demonstrated key traits that are critical to succeed in the business world but they have also demonstrated great courage and embraced the true spirit of enterprise. More importantly, they have convinced the panel of judges that they are in business for the long term, as demonstrated by their sound business model and management practices."

He added, "We hope that by winning the awards tonight, it will help spur these companies on to even greater heights, and that they eventually become role models and the benchmark for other home-grown enterprises to aspire to."

"It is encouraging to know that the e50 Award has been regarded by many local enterprises as a stepping stone towards a public listing. Since its inception, the e50 programme has identified and recognised close to 300 local companies that epitomise the spirit of enterprise. A third, or 100 of them, have gone on to be listed on the local bourse.'' commented Mr Alvin Tay, Editor of The Business Times.

At this year's awards, 18 companies are newcomers to the e50 list. Among them are Genovate Solutions Pte Ltd, Press Automation Technology Pte Ltd and Star Furniture Industries Pte Ltd.

To qualify for the e50 award, companies must be locally incorporated, have at least 30% local equity, three years audited financial records and must not be listed on any stock exchange. The participants are evaluated on quantitative and qualitative criteria, which take 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), International Enterprise Singapore (IE Singapore) and Spring Singapore. OCBC bank is a sponsor.

Said Mr Chong Lit Cheong, Chief Executive Officer, International Enterprise Singapore: "To grow, companies have to internationalise and constantly find new ways to differentiate themselves from global competitors. Among the E50 list are some of Singapore's most innovative and entrepreneurial companies. They stand out because of their superior business models, enterprising spirit, and determination. IE Singapore is confident that they will continue to innovate and become international brands."

"We are delighted with the achievements of our Enterprise 50 and e50startup award winners. Singapore is now a vibrant converging point for enterprises from diverse geographies looking for a stable and conducive location to bring new ideas and innovations to the market. We are heartened by the achievement of many past Enterprise 50 and e50startup winners, who have grown rapidly and gained prominent presence in Singapore and beyond, with some 100 of them having listed in various stock exchanges around the world. Tonight, we would like to encourage and challenge our winners, both past and present, to continue leveraging Singapore's advantages and to spearhead more ambitious growth strategies, further contributing to Singapore's development as a Global Entrepolis," said Mr Ko Kheng Hwa, Managing Director of Singapore Economic Development Board.

From the entries received, the companies were short listed and then ranked according to specific criteria. A wide range of business activity is represented ? manufacturing (24%), engineering services (18%) wholesale/distribution (16%), food & beverage (8%), construction/real estate (6%), IT & high-tech (6%), logistics (6%), retail (4%) and others (12%).

Almost a third (32%) of the winners have been in business for less than 10 years whilst 58% of the winners have less than 100 staff.

Each of these winners has built its business with immense passion and added vibrancy to Singapore's enterprise landscape. The enterprises have all developed deep expertise and strong capabilities. Their success is a testament to the potential of Singapore's local enterprises. We are confident that they will compete successfully in the international stage and inspire many more burgeoning entrepreneurs in the years to come," said Mr Loh Khum Yean, Chief Executive of SPRING Singapore.

The e50 list is an annual ranking of Singapore's 50 most enterprising, privately-held local companies, organised by Accenture and The Business Times, with the support of the Economic Development Board, International Enterprise Singapore and Spring Singapore. OCBC bank is a sponsor.

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