Three leading entrepreneurs named winners of the EY Entrepreneur Of The Year 2013 awards
Inaugural honorary award recognizes outstanding family business
Singapore, 21 October 2013 - Professional services organization EY announced the three recipients of its 12th EY Entrepreneur Of The Year (EOY) 2013 awards:
- EY Entrepreneur Of The Year - Logistics
Loi Pok Yen, Group CEO, CWT Limited
- EY Entrepreneur Of The Year - Retail and Consumer Products
Paul Loo Lip Giam, Group CEO, Focus Network Agencies (S) Pte Ltd
- EY Entrepreneur Of The Year - Marine and Offshore Engineering Services
Glenndle Sim, Executive Chairman and CEO, Mencast Holdings Limited
Fact sheet A: EY Entrepreneur Of The Year winner and company profiles
EY Entrepreneur Of The Year - Logistics
Mr. Loi Pok Yen, Group CEO, CWT Limited
About Loi Pok Yen
Mr. Loi Pok Yen, 44, became a board director and assumed the position of CEO of CWT Group in January 2005, after privately owned logistics company C & P Holdings acquired CWT. He leads the executive team in strengthening the Group’s businesses and market competitiveness for the long-term success of the CWT Group. Prior to joining CWT, Mr. Loi was responsible for the construction of warehouses and running the logistics business operations at C & P.
From 1995 to 1997, Mr. Loi helped to oversee and build Myanmar International Terminals Thilawa (MITT), Myanmar's largest port. Mr. Loi’s entrepreneurial spirit has been instrumental in transforming the CWT Group into a global enterprise and a Forbes Asia Fab 50 company. In 2012, CWT reported record revenue and profits of $5.4b and $108m respectively.
Mr. Loi graduated from the National University of Singapore with a Bachelor of Business Administration (Honors) degree. He is married with three children.
About CWT Limited
CWT is a leading solutions provider of integrated logistics and supply chain management committed to connecting world trade and sustainable development. A Forbes Asia Fab 50 company, CWT serves the spectrum from small establishments to multinational corporations across multiple markets and geographies. Leveraging its strength and scale in logistics competencies, infrastructure and global network, CWT delivers solutions that help customers succeed and communities thrive. CWT has built a diversified portfolio around its core logistics capabilities. CWT provides commodity supply chain management for base metals and energy products. It is also engaged in engineering services for buildings, facilities and equipment fleet; property management; brokering services for exchange listed products; and asset and trust management for Cache Logistics Trust, a logistics property REIT. CWT is a Singapore corporation established in 1970 and traded on the Singapore Exchange since 1993. CWT employs around 6,000 people and reported revenue of S$5,397m in 2012.
EY Entrepreneur Of The Year - Retail and Consumer Products
Mr. Paul Loo Lip Giam, Group CEO, Focus Network Agencies (S) Pte Ltd
About Paul Loo
A civil engineer by training, Mr. Paul Loo Lip Giam, 56, founded Focus Network Agencies (Singapore) Pte Ltd (FNA) in 1991 with his wife Mrs. Esther Tang-Loo. Before joining FNA full-time in 1994, he was with a firm of consulting engineers for six years and was a stock-broker for four years.
FNA has since grown into Asia’s largest distributor and retailer of premier chocolates and confectionery products with a portfolio consisting more than 40 internationally renowned brands. FNA employs more than 550 staff and has a wide distribution network that extends into most of Indo-china, South-east and North-east Asia and as far west as India. In 2012, their Group turnover was $203m.
FNA also started Singapore’s first chocolate boutique, The Cocoa Trees, offering the widest range of internationally renowned brands under one roof. There are now more than 50 Cocoa Trees boutiques in Singapore and around the region.
About Focus Network Agencies (S) Pte Ltd
Focus Network Agencies (S) Pte Ltd (FNA) was founded in 1991 to distribute two brands of chocolates - Hawaiian Host and Droste, to the Singapore domestic market. With a staff strength of five, sales in its first full year of operations was approximately $1m.
It has since grown into a business with 2012 group turnover of $203m and staff strength of 550. It now represents more than 40 of the world’s most renowned chocolate brands who account for 95% of global confectionary sales.
EY Entrepreneur Of The Year - Marine and Offshore Engineering Services
Mr. Glenndle Sim, Executive Chairman and CEO, Mencast Holdings Limited
About Glenndle Sim
Mr. Glenndle Sim, 44, is the Executive Chairman and Chief Executive Officer of the Mencast Group. Under his leadership, Mencast has transformed into one of the region’s leading maintenance, repair and overhaul (MRO) companies serving the oil and gas and marine industries.
In 2008, Mr. Sim led Mencast to become the first sponsor-approved company to be listed on SGX Catalist as well as its subsequent transfer to the SGX Mainboard. From 2007 to 2012, the Group’s net profit increased almost three-fold and total assets grew more than seven times. His role as Chairman of the Board has been recognized at the Singapore Corporate Awards with Mencast receiving the “Best Managed Board” Gold award in its category in 2013.
Mr. Sim holds a Bachelor in Business Administration from the National University of Singapore, a Master of Business Administration from the University of Delaware as well as certification curriculum in General Foundry Technology and Non-Ferrous Metals Technology. He attended Harvard Business School’s Owner and President Management Program in 2013.
About Mencast Holdings Limited
Mencast Holdings Ltd. and its subsidiaries (Mencast or the Group) is a regional maintenance, MRO solutions provider for the global offshore, oil & gas and marine sectors.
From humble beginnings in a rented workshop, the Group steadily expanded its business scale and capability over the last three decades. After becoming an established leader in the manufacture and repair of propellers and sterngear equipment, the Group expanded into the marine MRO industry. Today, through a combination of organic growth and acquisitions, the Group has transformed into a complete solutions provider serving the entire energy cycle, from exploration to production, distribution, maintenance and remediation. The Group’s industry leadership was recognized with the Luminary of Innovation award by Channel NewsAsia in 2013.
Led by a dedicated and experienced management team, and operating from waterfront facilities and logistics seaborne hub on 52,120 square meters of land area, the Group has currently three business segments: Marine, Offshore & Engineering and Energy Services.
One of the three winners will be named the EY Entrepreneur Of The Year 2013 Singapore, and represent Singapore at the annual EY World Entrepreneur Of The Year (WEOY) award in Monte Carlo in 2014 to compete with contenders from over 50 countries. Singapore’s representative to the WEOY award will be announced at the EY EOY Awards Gala, to be held on 14 November 2013 at The Ritz-Carlton, Millenia Singapore. The gala will be officiated by Guest-of-Honor, Minister in the Prime Minister's Office and Second Minister for Home Affairs and Trade and Industry, Mr. S. Iswaran.
The three winners emerged triumphant from over 50 nominations. An independent judging panel had selected the winners based on their merits in fulfilling the six global judging criteria, namely entrepreneurial spirit, financial performance, strategic direction, global/community impact, innovation and personal integrity/influence.
Fact sheet B: EY Entrepreneur Of The Year judging panel and criteria
- Wong Ngit Liong
Chairman and CEO
Venture Corporation Limited
EY Entrepreneur Of The Year 2002 Singapore
- Richard Eu
Eu Yan Sang International Ltd
EY Entrepreneur Of The Year 2011 Singapore
- John Lim
ARA Asset Management Ltd
EY Entrepreneur Of The Year 2012 Singapore
- Simon Griffiths
EQT Partners Singapore Pte Ltd
- Frederick Chavalit Tsao
Chairman, IMC Pan Asia Alliance Group
President, Family Business Network Asia
- Teo Eng Cheong
International Enterprise Singapore
- Jennie Chua
Immediate Past Chairman
Singapore International Chamber of Commerce
The following six judging criteria sets the global standard adhered to by each and every country participating in the EY Entrepreneur Of The Year awards.
- Entrepreneurial spirit
The individual is a risk-taker who sets very high standards and demonstrates an unflinching desire and determination to succeed despite significant obstacles.
- Financial performance
The business has demonstrated strong financial performance and maintains a good track record in raising finance. Coupled with quality investments, the business has the potential for long-term sustainability.
- Strategic direction
The individual not only creates and turns business visions into realities, but also builds strategic alliances and empowers talents to achieve common goals.
- Global/community impact
The business has expanded or plans to expand into international markets and has made global impact in terms of job creation and improved living economics.
The individual has pioneered a new approach or technology, embraces changes and continuously innovates.
- Personal integrity/influence
The individual earns great respect and is able to communicate ideas and influence the wider community. The individual’s enforcement of socially responsible practices seeks to improve the quality of life.
Chairman of the judging panel, Mr. Wong Ngit Liong, also Chairman and CEO of Venture Corporation Limited, explains the judges’ choice: "The three winners stood out for excelling across the six judging criteria. For example, Pok Yen's innovative warehousing solutions enabled CWT to thrive in niche markets instead of competing directly with the big players. His strategies in diversifying the business have built a company with a strong balance sheet and presence in over 50 countries.”
“In seizing the opportunity to start Focus Network Agencies, Paul demonstrated strong entrepreneurial spirit and has gone on to build a confectionery empire, which today has more than 50 retail shops in Singapore and the region. He has also consistently contributed back to society through providing learning opportunities to students as well as donating products for their projects and to raise funds for charity. Mencast's Glenndle is commendable for his foresight and bold strategies, which have transformed his traditional propeller business into a regional maintenance, repair and overhaul (MRO) total solutions provider that continues to grow in a strong and sustainable manner," he adds.
Summing up the qualities of the three winners, Mr. Max Loh, Singapore and Asean Managing Partner, EY says: “The three winners are business leaders in their respective fields who have transformed their homegrown companies into respectable regional and international players that have done the Singapore brand proud. Their foresight, astuteness and sound financial acumen have ensured that their businesses are resilient yet flexible in adapting to the challenges arising in the external environment and within the company. In achieving business success, they have not forgotten about leveraging their influence to enhance the industry that they operate in or the communities around them for a better working world."
Winners share recognition with stakeholders
On winning the EY Entrepreneur Of The Year - Retail and Consumer Products award, Mr. Paul Loo, Group CEO of Focus Network Agencies (S) Pte Ltd says: “My success belongs to my loyal brand partners, customers, staff and shareholders. To me, this award is the platform for me to honor and thank them for their support over the last 22 years and to encourage them towards scaling greater heights of excellence together.”
Echoing similar sentiments, Mr. Loi Pok Yen, EY Entrepreneur Of The Year - Logistics, Group CEO of CWT Limited says: “This recognition is not just about my individual success, but, more importantly, the result of the hard work and collective efforts by everyone in the CWT family. I congratulate and thank my fellow board directors, management colleagues and all our staff. This award very much belongs to them, and together we will continue to grow CWT and shape the logistics industry for the better.”
“I dedicate this award to our 700 talented staff and many loyal customers that have supported us in growing Mencast’s business four-fold over the last five years,” shares Mr. Glenndle Sim, EY Entrepreneur Of The Year - Marine and Offshore Engineering Services, Executive Chairman and CEO of Mencast Holdings Limited. “At Mencast, we seek to be ‘Partner Perfect’, which means creating value for all stakeholders in every business relationship and transaction. This award will spur us to work even harder to create even more value for our stakeholders.”
Special honor for Kewalram Chanrai Group
EY and Barclays are also pleased to present the inaugural EY-Barclays Family Business Award of Excellence to Kewalram Chanrai Group.
On being conferred the award, Mr. Narain Girdhar Chanrai, Group CEO of Kewalram Chanrai Group says: “It is a privilege and honor for the Kewalram Chanrai Group to receive this inaugural Family Business Award. As a family business for over 150 years we are happy to have been able to seed and grow many successful companies.”
The EY-Barclays Family Business Award of Excellence is an honorary award that is presented on board the EOY platform (the award recipient does not compete for the EOY Singapore 2013 title).
Factsheet C: EY-Barclays Family Business Award of Excellence
Winner profile, eligibility and selection criteria
EY-Barclays Family Business Award of Excellence
Kewalram Chanrai Group
About Kewalram Chanrai Group
Kewalram Chanrai Group has been in business for over 150 years. Initially finding success in India as a textile trader, it soon expanded and by the 1920s, had operations spanning Africa, Asia and South America. By 1960, the Group had diversified into department stores and textile manufacturing in Nigeria and the following three decades saw the foundation of a successful portfolio in Africa, with Afprint, a diversified textile company listed on the Lagos stock exchange and Olam established in Nigeria.
The 1990s saw the foundation of Redington IT products and the expansion of the Kewalram Chanrai Group. Olam was listed on the Singapore Exchange in 2005 and is today an STI top 30 company. Redington was listed in India in 2007 and is an IT products leader in many of its markets.
Today the Kewalram Chanrai Group is a trusted global brand with several internationally renowned businesses in the automotive, IT, textile, agriculture and waste recycling sectors, and with many philanthropic initiatives, including Jaslok Hospital and Research Centre in Mumbai, under its umbrella. The Group has a turnover of US$1b with more than 5,000 employees spread across 17 countries and continues to maintain a substantial minority shareholding in the companies it has taken to market.
- Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership. (i.e., one individual and first generation would not qualify for the award).
- The family still has a significant ownership and voting stake and is primarily responsible for setting the strategic direction and values for the firm.
- The legal form of the company or group of companies is not relevant.
- Companies may be private or publicly traded.
- If the shares and voting rights have been transferred to a trust, it will remain to be considered as family business if the family has dominant influence on the trust in a way described above.
- The business or headquarter of the business is located in Singapore.
- Company shows evidence of a successful, sustainable and long term-oriented strategy.
- Company has adopted an effective and transparent corporate governance approach, enabling the execution of the desired strategy and living out of family values.
- Company governance enables unity among the ownership family (i.e., little evidence of significant family disputes impacting the business).
- Demonstrated the ability of the family to preserve company culture, tradition and values and maintain the entrepreneurial spirit and continued innovation over generations.
- Evidence shown of exceptional personnel management.
- Commitment to philanthropic causes or corporate social responsibility.
- Other exceptional achievements such as business awards, public service or philanthropic awards etc.
Sponsors and supporters
Barclays has been a major sponsor of the EOY awards for the past five years. This year, EY and Barclays are presenting the inaugural EY-Barclays Family Business Award of Excellence. Didier von Daeniken, Head of Wealth Management, Asia Pacific, Middle East and Africa, Barclays says: “Barclays is delighted to be associated with the Family Business Award of Excellence. Family businesses have been a major reason for the incredible rise of the Asian economies. With this award, we want to pay tribute to the significant contributions of family businesses to the Singapore economy and society."
Other sponsors and supporters include Martell (official cognac); The Business Times (official newspaper); The Peak (official luxury lifestyle magazine); Action Community for Entrepreneurship (ACE); International Enterprise Singapore (IE Singapore); Singapore Business Federation and SPRING Singapore. For more information, please visit www.ey.com/sg/eoy.
The EY EOY awards program was launched in Singapore in 2002 to honor entrepreneurs who have created and sustained successful business ventures, as well as to coincide with the government’s focus on fostering entrepreneurship and grooming local entrepreneurs. Now in its 12th year, the awards has evolved into a leading business award in Singapore with an international presence and footprint. For more information about the EY EOY program, please visit ey.com/sg/eoy.
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Notes to editors
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This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.
About EY Entrepreneur Of The Year™
EY Entrepreneur Of The Year™ is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries. www.ey.com/eoy
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions - in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit www.barclays.com.
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