The cream of Singapore's business crop

THE Enterprise 50 (E50) Awards was established in 1995 by The Business Times and KPMG to recognise the 50 most enterprising privately-owned local companies in Singapore.

Since then, the annual awards have helped winners open doors to new business and financial backing. Here is a look at some notable alumni and what they achieved beyond the awards.

800 Super E50: 2010

The company was started in 1986 as a waste-collection services provider by brothers Lee Koh Yong and Lee Hock Seong.

Today, it also offers cleaning and conservancy, and horticulture. In 2011, it listed on the Singapore Exchange's Catalist board.

The Lee family privatised 800 Super in 2019 with the help of private equity firm KKR, in a deal that valued it at S$161 million.

The company later unveiled a new, S$130 million facility in Tuas and its entry into new business segments.

In 2021, it announced its expansion into Cambodia.

Atlas Vending E50: 2008, 2009, 2010

Some local entrepreneurs, led by Tan Ju Soon, started the vending machine business in 1980.

By 2014, when Temasek-linked Dymon Asia Private Equity acquired a majority stake in the firm, Atlas Vending had become the largest operator in the region with over 5,000 machines in Singapore and Malaysia.

As part of the deal, Dymon Asia had also acquired all of Mr Tan's shares.

In 2019, Etika Group, a Malaysian drinks distributor linked to Japan's Asahi Group, acquired Atlas Vending for an undisclosed sum.

Aalst Chocolate E50: 2014, 2015, 2016, 2020

Founded in 2003 by husband and wife Richard Lee and Connie Kwan, Aalst Chocolate is said to be the first Singapore-owned and -managed chocolate manufacturer.

It nearly went under during the 2008 recession due to its capital investments, but pulled through with the help of government measures and loans from local banks.

In 2017, Wilmar International took a 50 per cent stake in Aalst.

Today, Aalst produces over 30,000 tonnes of chocolate and compounds annually, and 98 per cent of its products are exported to over 55 countries.

GES Singapore E50: 1995

The computer manufacturer was founded in 1975 by Goh Lik Tuan, who got his start making electronics in his family backyard during his army days.

Mr Goh led the company to list on the Australian Stock Exchange in 1997 and the Singapore Exchange in 1999.

Named Businessman of the Year in 2000, he was initially reluctant to accept the award, but later agreed to do so to recognise those who aided him in his journey.

GES was sold to Venture Corporation for S$980 million in 2006 and was subsequently delisted.

Garena Online E50: 2016

Founded in 2009 by Forrest Li and two friends, Garena grew from a gaming-focused company into a tech giant that listed with a US$884 million initial public offering (IPO) on the New York Stock Exchange (NYSE).

When it received the E50 recognition in 2016, it had expanded from its initial game distribution and online platform business into fintech with SeaMoney and e-commerce with Shopee.

The group rebranded as Sea Limited shortly before it listed on the NYSE in 2017.

Mr Li was named Businessman of the Year 2019/2020 at the 35th Singapore Business Awards.

Labroy Marine E50: 1996

The firm, whose core businesses had been shipbuilding, repair, offshore rig construction and shipping, was started in 1980 by Tan Boy Tee and Chan Kwan Bian.

The firm grew quickly, and listed on the Singapore Exchange's mainboard in 1996, raising about S$19.7 million.

In 2007, the co-founders sold the firm to Dubai Drydocks World for US$1.63 billion, in one of Singapore's largest takeover deals.

Mr Tan, however, was later sued by Drydocks for supposedly taking a stake in another shipbuilder, Otto Marine, breaching a non-compete clause in the takeover agreement.

Labroy Marine was delisted following the takeover.