Published March 25, 2009

Tenacity wins the day at SBA

Winners looking for opportunities amid recession

By ARTHUR SIM

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(SINGAPORE) It takes tenacity to make it to the top in the business world - and the winners of the 24th Singapore Business Awards have that in spades.

In the business of winning: (from left) Judging panel chairman Stephen Lee, Ms Chong, Mr Ow, SPH chairman Tony Tan, Mr Tharman, MrMcHugh, Mr Kok and Mr Wong. Said BT editor Alvin Tay of the winners: 'Their achievements are the result of sheer tenacity, intuitive foresight and outstanding leadership.'

Businessman of the Year Ow Chio Kiat understands this better than most. Having made some of his most profitable acquisitions in Australia and New Zealand during the last downturn, he remembers how he 'picked up' landmark properties for a song and went on to build a hotel brand from scratch.

While he concedes the economic problems may be 'bigger' this time around, he said: 'Those with cash will find the going easier.'

The competition should also be a little worried because Mr Ow, who is executive chairman of Stamford Land, Singapore Shipping Corporation and Cougar Logistics, is on the prowl once more. 'And this time, maybe we won't need to go very far.'

The Singapore Business Awards are jointly organised by The Business Times and DHL, the global market leader of the international express and logistics industry.

This year, the Outstanding Chief Executive of the Year is Chong Siak Ching, president and CEO of Ascendas.

The Outstanding Chief Executive (Overseas) is Michael Kok, group CEO of Dairy Farm International.

The Enterprise Award has gone to Charles & Keith International.

BT editor Alvin Tay said of the winners: 'Their achievements are the result of sheer tenacity, intuitive foresight and outstanding leadership.'

Finance Minister Tharman Shanmugaratnam presented the awards at a ceremony last night at the Shangri-La Hotel.

References to the recession were unavoidable during the evening. But the winners nevertheless revealed why they remain on top.

Looking for new opportunities, Ms Chong said that Ascendas would be keeping an eye on weaker players. 'They will start to fall off and there will clearly be opportunities.'

Mr Kok is not daunted by recession talk either, saying that aggressive expansion will continue to boost the food retailer's top line. As he puts it: 'Everybody has to eat.'

Charles Wong of Charles & Keith was literally 'hungry' to succeed when he and Keith Wong started the business in 1996.

While Mr Wong 'never did well at school', he instinctively knew how to survive in the early years of the business. 'I realised the supply chain had too many middle men,' he said. So Charles & Keith do without them.

DHL, which has sponsored the Singapore Business Awards for 24 years, is no stranger to competition.

Dan McHugh, CEO of DHL Express Asia, remembers that when the company arrived in Asia in 1972, it had only one office and five staff. Thirty-seven years later, Singapore is the headquarters for DHL Asia-Pacific with 2,700 employees.

And opportunities for growth still abound.

Mr McHugh said that while many air cargo operators are cutting capacity, DHL will soon launch a new Boeing 747-400 service between Hong Kong and Singapore, representing a 40 per cent increase in capacity on this sector.

'DHL firmly believes that Asia holds tremendous potential for future growth,' he said. 'And we firmly believe Asia will be at the epicentre of the economic recovery.'