Towards succession planning
CHU Sau Ben, chairman and CEO of Libra Group Limited, has clinched yet another accolade for outstanding entrepreneurship.
He is one of the winners in the Outstanding category of the Asia Pacific Entrepreneurship Awards this year. Earlier this year, he was one of the winners of the Top 10 Most Inspiring Entrepreneur Award.
Mr Chu is leading a growing company listed on the Catalist Board of the Singapore Exchange, with strategic business units that provide mechanical and electrical engineering (M&E) services; manufacturing and sale of air-conditioning and mechanical ventilation ducts (ACMV) and trading of ACMV related products; and building & construction solutions.
The story goes back to 1997, when Mr Chu founded Kin Xin Engineering Pte Ltd together with a few partners. The company began as a specialist in installing ACMV systems in buildings.
It progressively took on projects of increasing scale and value as a subcontractor for both public and private sector customers.
In 2005, when Mr Chu was appointed managing director, the management team was also strengthened. Libra took on more significant projects such as ACMV projects at a government hospital on Outram Road. Mr Chu also identified the opportunity to expand into manufacturing of ACMV systems to provide a one-stop service to customers, giving rise to the incorporation of Libra Engineering Pte Ltd (Libra Engineering) in 2005.
Expansion spree
It was in 2010, in preparation for the listing on the Singapore Exchange, that Libra Group was incorporated as a holding company for Kin Xin Engineering and Libra Engineering, and in 2011, Mr Chu's dream was fulfilled when Libra Group was listed on the Catalist Board of the Singapore Exchange.
Over the last two years, Libra Group has continued to widen its range of services to include building and construction solutions via the acquisition of BCA-licensed C1 main contractors Libra Building Construction Pte Ltd and Cyber Builders Pte Ltd.
Despite his achievements, Mr Chu is striving to inject more growth into the company. Apart from eyeing regional expansion opportunities, Libra Group is also looking to diversify into new businesses to broaden the company's revenue sources while complementing its existing businesses.
"This will be key to delivering sustainable growth given the challenges in the construction industry and limited market in Singapore."
Mr Chu considers his biggest achievement to date to be able to provide good jobs to his staff of close to 500 people. "The worth of a person is measured by the kind of footprints that he leaves in the hearts of the people around him."
Mr Chu believes in giving back to society and cares about the well-being of his employees. Looking back, Mr Chu believes that his drive to succeed has allowed him to overcome the challenges at work and in life. His advice to aspiring entrepreneurs is to have the perseverance and determination to succeed and to excel in everything they do.
As Libra Group moves into its next stage of growth, Mr Chu is mindful of the need for succession planning and building a team of capable management who are able to deliver sustainable growth for the company and shareholders so that Libra Group can continue flourishing even when he takes a back seat. It would be his legacy as a leader.
