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THE 50 local businesses that won honours at Tuesday's Enterprise 50 (E50) Awards were celebrated for their ability to position themselves for growth in the midst of global economic disruption.
Manufacturing business Onn Wah Precision Engineering took home the top prize at its very first attempt, proving that the family business has what it takes to compete with the very best in the industry.
Repeat winners clinched the next two spots, with agribusiness firm Robust International in second place, while Expand Construction rounded off the top three.
These companies epitomise this year's E50 theme "Innovate, Grow & Succeed: Staying Competitive In Today's Economy".
Now in its 23rd year, the E50 Awards recognises the top 50 local, privately-held companies that have contributed to economic development in Singapore and abroad.
The awards were presented by Minister for Finance Heng Swee Keat at the Resorts World Convention Centre.
This year saw a particularly big jump in new winners, with 30 fresh faces across a diverse range of industries compared to the 23 seen in 2016.
Three enterprises that have bagged the prestigious Five-Year Award are trading firm Sudima International, precision engineering firm Feinmetall Singapore, and tyre manufacturer and distributor Omni United. These companies made it to the E50 list for five years.
First-time winner Vector InfoTech was conferred the "Enterprise 50 Special Recognition Award -Internationalisation". Launched last year, this award honours firms which are able to leverage their capabilities to seize overseas opportunities.
Jonathan Ho, partner and head of enterprise at KPMG in Singapore said: "They have adopted an innovative mindset to do business differently for long-term growth, including relooking at their processes and business operations. This suggests many companies are aiming to grow their businesses rather than simply focusing on managing their costs."
The E50 Awards is jointly organised by The Business Times and KPMG in Singapore, and sponsored by OCBC Bank. Supporters of the awards include the Singapore Business Federation, International Enterprise Singapore, Singapore Exchange and Spring Singapore.