It is rare for Singaporean home-grown companies to make it big.
Flying out of Singapore for a weekend break recently, I felt a sense of pride looking at all of our unique brands such as barbecued meat specialist Bee Cheng Hiang, traditional kueh maker Bengawan Solo and Peranakan restaurant Violet Oon.
Perhaps Sea, which owns Shopee and has a market value of some US$35 billion, or Grab, worth nearly US$14 billion –It is rare for Singapore home-grown companies founded by entrepreneurs to make it big.Many languish, delist and sink into oblivion.Usually, after a company goes public, the raised profile and the injection of fresh funds should provide a stepping stone to growth and expansion via mergers and acquisitions. But that’s easier said than done, with lacklustre trading on the SGX.
Contrast that with Singapore, where apart from established players such as the local banks or property giants like City Developments Limited, the current crop of success stories is still relatively young. He said: “This speaks to the country’s massive success in attracting foreign companies to establish their regional headquarters here and contribute to this export juggernaut.”
Retaining management in a competitive and tight labour market can be challenging at times, especially after staff have gained some experience and exposure to international operations, he added.Talent is a tangible resource. But mention strategic vision, and it all soundsTake the case of Eu Yan Sang which announced in April that it was beingThe firm has an illustrious history, dating back to 1879 when it started in Perak, Malaysia.
Mr Eu agrees about their contribution, saying: “Having such institutional investors helped our company in its transformation journey. It was among the “Best Managed Companies” recognised by Deloitte in 2023 for their organisational success and contribution to industry. That’s where the Singapore Government has played a role, by creating a thriving start-up environment.
There was tech conglomerate SoftBank. China ride-hailing giant Didi Chuxing was yet another investor.Challenges remain
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