Singapore Corporate News - 19 Nov 2007

$253.7m cash offer made for Asia Dekor

ASIA Dekor announced that Asia Timber Products has made a $253.7 million cash offer for the company.

The cash consideration values the company at 26.8 cents per share, which is a 52.4 per cent premium over the weighted average share price in the past week. The net gain from the sale is 781.3 million yuan (S$152.7 million), Asia Dekor said.

Asia Dekor plans to distribute as much of the proceeds as soon as possible and delist the company subject to approval of the sale.

SingTel, CapitaLand win business laurels

TWO Singapore corporate giants - SingTel and CapitaLand - were two of the four winners yesterday of the inaugural Asean Business Awards, which salutes outstanding home-grown companies in the region.

Filipino food and beverage company Zest-O Corporation and Indonesian pharmaceutical firm PT Kalbe Farma Tbk were the two other recipients.

Given out by the Asean Business Advisory Council, the award was launched to mark the bloc's 40th anniversary this year.

Senior Minister Goh Chok Tong presented the awards to the companies last night at a gala dinner in Raffles City Convention Centre to mark the closing of this year's Asean Business and Investment Summit.

SingTel and CapitaLand won for their achievements in the growth and employment categories respectively.

The first recognises companies for their financial performance and market share among others, while the second rewards companies that invest in their staff.

Zest-O Corporation took home the prize in the innovation category, for companies that invest in research and development to create new products and services.

PT Kalbe Farma Tbk won in the corporate social responsibility category. It had carried out activities such as post-floods relief work in Jakarta earlier this year.

SingTel Group chief executive officer Chua Sock Koong said the company owes its win to its customers, overseas associates and staff.

'The success of our overseas investments have contributed to this success as well,' said Ms Chua.

SingTel, which hires more than 19,000 people worldwide and has offices in 19 countries, posted a net profit of $3.78 billion after tax for the year ended March 31, 2007.

SingTel's fellow award winner, CapitaLand, was rewarded for its attention to human resources training.

The real estate company has its own leadership training college, the CapitaLand Institute of Management and Business, situated in Sentosa.

'We invest heavily in training and development, from the chambermaids in our hospitality arm to our senior managers,' said Mr Liew Mun Leong, the president and chief executive officer of CapitaLand.

Yesterday's four winners were picked from among twelve finalists, which were shortlisted from more than 60 entries.

Other Singapore companies among the finalists were Great Eastern Holdings and Banyan Tree Holdings.