Overview
Despite dominance of SMEs in Singapore’s enterprise landscape, economic contribution of LLEs is larger
Large Local Enterprises (LLEs) are part of Singapore’s enterprise sector, which includes two sub segments: LLEs and SMEs (Small and Medium-sized Enterprises). LLEs are enterprises that have more than SGD 100 million in operating receipts or employ more than 200 workers.
There are around 1,300 LLEs in Singapore, which account for around 1% of the total number of enterprises in the country, compared to around 290,000 SMEs, as of 2021. Although SMEs dominate Singapore’s enterprise landscape, representing around 99% of enterprises in the country, the contribution of LLEs to Singapore’s economy is higher than SMEs.
LLEs’ contribution to Nominal Value Added of the Singaporean economy in 2021 was around SGD 272 billion, representing 56% of the total contribution by the enterprise sector. This compares against the SGD 213 billion economic value addition by the SMEs sector, accounting for only 44% of the total value added by the enterprise sector, despite employing 71% of the workforce (more than 2 million employees). LLEs employ the remaining 29% of the workforce in the enterprises sector, which is around one million employees, and contribute around 65% to the national GDP in Singapore.
LLEs supported by various government initiatives
The Singaporean government has placed special emphasis on the growth of LLEs, accelerating the growth of high-potential companies to become Singapore Global Enterprises, in line with the Enterprise 2030 plan. The government aims to support the growth of LLEs through bespoke and enterprise-centric assistance, tailored to their specific needs and individual growth ambitions from the government arms: Enterprise Singapore (ESG) and the Economic Development Board (EDB).
According to the Ministry of Trade and Industry (MTI), LLEs will be supported in four ways: developing global-ready executives, creating new corporate ventures, facilitating Mergers and Acquisitions, and creating enhanced access to financing.
ESG supports the globalisation of LLEs through 35 overseas centres, 9 Plug and Play partners in 6 countries, 4 Global Innovation Alliance locations, and the Enterprise Singapore-Singapore Chinese Chamber of Commerce and Industry Enterprise Centre based in Shanghai, in addition to bilateral business forums and collaboration platforms, and an extensive network of global partners.
Key Trends
Despite market decline, LLEs manage to accelerate adoption of digitalisation and e-commerce during pandemic, supported by government schemes
The economic value added by LLEs declined by around 11% YoY, from SGD 264 billion in 2019 to SGD 235 billion in 2020. This was in line with the economic shocks felt by Singapore as a result of COVID-19, where the economy contracted by around 5% YoY in 2020.
The movement restrictions imposed during the pandemic forced business enterprises to adopt digital channels for sales as well as operations. The consumer shift towards e-commerce prompted large brick and mortar enterprises, which were hesitant and took a longer time for their digitalisation strategy, to abruptly adopt digitalisation in order to survive.
Although the government’s support package for the private sector was mainly focused around SMEs, LLEs also received proportional support from government relief packages. For instance, LLEs received 1% of the SGD 18 billion loans approved for around 21,000 enterprises in 2020 in addition to 1% of the 24,000 enterprises that tapped into COVID-19 related solutions and projects.
LLEs receive special focus as key growth driver in Enterprise 2030 plan
Post the pandemic, Singapore has set out new plans to strengthen local businesses, aimed at increasing exports to at least SGD 1 trillion by 2030, from SGD 805 billion in 2020, in addition to doubling offshore trade to SGD 3 trillion over the same period. One of the key parts of this plan includes supporting high-potential local companies to become global champions. The Enterprise 2030 plan aims to strengthen the core capabilities of local enterprises in industry transformation towards becoming global enterprises.
Two new schemes were announced in the budget for 2022, to support LLEs. The Local Enterprises Funding Platform, co-funded by the Singaporean government and state investor Temasek Holdings, aims to fund LLEs to innovate, deepen global partnerships and invest in transformation efforts. The fund is set up with SGD 500 million from the government, which Temasek will match to create a SGD 1 billion fund available for investments.
This fund is to be deployed towards non-controlling stakes and mezzanine debt of selected LLEs willing to work with Temasek, to pursue their next phase of growth. The funding platform is aimed at helping LLEs since they find it hard to secure private equity as a result of changes in the global economic landscape and financial markets.
Singapore’s MTI has launched the Singapore Global Executive Programme to develop the human capital capabilities of high-potential local enterprises through industry and overseas attachments, mentorship and peer support networks.
In addition, three funding schemes have been launched to accelerate the growth of local enterprises by broadening the availability of funding options, helping them work towards an eventual public listing or liquidity event in Singapore. These include the Local Enterprises Fund @ 65 and Anchor Fund @ 65, in partnership with Temasek, in addition to the Growth IPO Fund managed by EDB Investments (EDBI).
Singaporean government exploring new and creative means to support LLE growth
The EDB launched a pilot programme in 2021 to support companies during incubation and helping launch businesses within a six month-sprint, known as the Corporate Venture Launchpad. Keppel Land, a subsidiary of Keppel Corporation - a Singaporean LLE, ventured into digital well-being, companion care and connectivity solutions for elderly care, with a vision towards becoming a leading player in the Senior Living sector, via the Corporate Venture Launchpad program. After the success of this pilot program, the EDB intends to expand the Corporate Venture Launchpad to support a wider range of companies.
The Mergers and Acquisitions (M&A) grant is another initiative by the EDB, co-funding qualifying spend on Singapore-based professional and financial advisory services incurred by enterprises towards growth and globalisation.
Fostering SME growth under LLE umbrella
The MTI aims to foster partnerships between LLEs and SMEs to support capability developments in areas such as internationalisation, digitalisation and innovation. Referred to as the ‘queen bees’, LLEs are encouraged to partner with SMEs, the MTI and SkillsFuture Singapore to create industry-relevant training courses in emerging technologies like robotics and Industry 4.0, in addition to co-innovation and internationalisation projects. Around 22 queen bee LLEs are currently participating in the program, with plans to have around 40 queen bee firms on board by 2025.
In addition, the government’s Partnership for Capability Transformation (PACT) scheme, launched in 2010, also supports these collaborations and has allocated over SGD 150 million to support more than 2,000 Singapore-based companies.
Key Statistics
- Despite travel restrictions, the government’s support schemes helped around 1,600 local enterprises to embark on internationalisation in 2021.
- In 2021, Singapore had 22 home-grown startups that reached unicorn status - i.e. a valuation of over USD 1 billion.
- The Anchor Fund @ 65 was launched with an initial tranche of SGD 1.5 billion assisting high-growth companies to raise capital through public listings in Singapore.
- The Growth IPO Fund has an initial tranche of SGD 500 million, and focuses on late-stage private enterprises that are two or more funding rounds away from a listing.
- The GEMS listing grant’s cap was increased from SGD 1 million to SGD 2 million to better support listings of unicorn companies in Singapore in 2021.
TOP SINGAPORE LARGE LOCAL ENTERPRISES
NTUC FAIRPRICE CO-OPERATIVE LTD
NTUC Fairprice Co-operative Ltd. was founded on 22 July 1973, It is a Singapore-based retailer, with 230 outlets. The Company offers groceries and household products, and also owns the e-commerce portal called FairPrice Online. NTUC Fairprice Co-operative Ltd. won two prestigious management awards: the Executive of the Year – Retail award, as well as the COVID Management Initiative of the Year – Retail award, for the company's efforts in keeping up with the changes brought about by the pandemic in employee management, thanks to the leadership of FairPrice's Group CEO Seah Kian Peng.
THE HOUR GLASS LIMITED
The Hour Glass was founded in the year 1979. The company ventured into overseas business expansion, and also bought intobusinesses such as perfume and jewellery. Since then, it has become involved in luxury watch distribution throughout the region. It has 50 boutiques existing in 12 key cities within the Asia-Pacific region. With its headquarters in Singapore, the Hour Glass has established branches in places such as Brisbane, Auckland, Hanoi, Sydney, Phuket, Hong Kong, Tokyo, Melbourne, Kuala Lumpur, Bangkok, and Ho Chi Minh City.
SHENG SIONG GROUP
Sheng Siong Group is a supermarket chain that operates in Singapore's core districts, with approximately 60 locations. In 2014, the Group launched its online grocery shopping platform, allforyou.sg, which offers e-commerce services in practically all of Singapore's postal districts. The Group entered into a conditional joint-venture agreement with Kunming LuChen Group Co to operate supermarkets in China, towards the end of 2014. In November 2017, its subsidiary, Sheng Siong (China) Supermarket Co., Ltd., opened its first overseas endeavor in Kunming. The Enterprise of the Year Award, and the Best of the Best shop in Singapore are among the recent accolades the Group has earned.
COURTS ASIA LTD.
COURTS Asia Limited was founded in Singapore and Malaysia, in 1974 and 1987, respectively. It is now known as an electrical, IT, and furniture retailer in Southeast Asia, after entering Indonesia in 2014. The company generates the majority of its sales in Singapore, where it operates a megastore and 13 retail locations. In addition, it manages a Southeast Asian network of 70 outlets. In 2016, it received the TAFEP Exemplary Employer Award, as well as recognition as the Best Home & Electronics Retailer at the AsiaOne People's Choice Awards.
CHALLENGER TECHNOLOGIES LIMITED
Challenger Technologies Ltd is a consumer electronics retailer which is headquartered in Singapore. It primarily sells information technology (IT) products through its retail outlets and online marketplace. Since 1982, it has grown to 40 stores across the island. The company's key clients include Apple, Samsung, and Microsoft. Challenger Technologies Ltd has received several awards recently, including Top Superstore 2020 – Partner & AIO by Canon, Top Retail Partner Excellence Award (All Products) by Epson, Star Partner Award 2020 (Retail Chain Stores) by RedOne, and 'Most Profitable Company – Retailers Sector by TheEdge.
METRO (PRIVATE) LIMITED
In 1957, Metro (Private) Limited was established. The Company's business includes the retail sale of general apparel such as suits, coats, and dresses, as well as cosmetics, fashion accessories, and home furnishings. Metro began as an Indonesian department store chain and has expanded to 12 physical stores in Indonesia and two in Singapore. It also owns and operates three e-commerce platforms: Lazada, Shopee, and Metro.com.sg. Metro was named Department Store of the Year - Singapore at the recently concluded Retail Asia Awards, which were hosted by Retail Asia.
JACKSPEED CORPORATION LIMITED
In Singapore, Jackspeed Corporation Limited commenced operations as a trader of automobile parts and accessories in 1993. Jackspeed has expanded since then, opening manufacturing facilities in Thailand and Malaysia, as well as setting up an Australian sales office. It is now well-known for producing custom-fitted leather trim for automotive and aviation seats, as well as interior components. Using its experience in the leather trim industry, Jackspeed expanded its product portfolio into the automotive accessories sector and expanded its footprint into the business of trading, leasing, and renting commercial and passenger vehicles. Jackspeed has received numerous accolades, including the Europe Award for Quality.
STAMFORD TYRES CORPORATION LIMITED
Stamford Tyres Corporation Limited, founded in the 1930s, has grown from a small tyre shop to a global distributor of tyres and wheels, with operations in over 90 countries and its own wheel factory. Headquartered in Singapore, the Group’s international distribution network currently spans across 11 locations in Australia, Africa, and Asia-Pacific. Their primary business activity is the distribution of major international tyre brands such as Dunlop, Maxam, Falken, and Continental. Stamford Tyres provides a diverse range of products such as car audio, auto accessories, tyres, batteries, and wheels. They also provide workshop and tyre services.
TYE SOON LIMITED
The Tye Soon Group was founded in 1933, in Singapore. It is now known in Southeast Asia for automotive parts distribution. The Group’s main focus is on maintaining and replacing automotive parts. Mercedes-Benz, Bosch, and many other companies are among its key clients. The Group has one of the most extensive portfolios of top-tier global automotive part brands, with principals primarily from Japan, Europe and Korea. Currently, operations in Singapore, Malaysia, Indonesia, Thailand, South Korea, Hong Kong/China, and Australia serve the Group's main markets in Asia-Pacific.
YHI International Limited
Singapore-based YHI International Limited was founded in 1948. It is well-known in the alloy wheel industry as an original design manufacturer under the Advanti Racing brand. YHI has a global presence in over 100 countries through its 32 subsidiaries and two associate companies in Europe, Asia-Pacific, and North America. YHI distributes a wide variety of automotive products, including energy solutions, alloy wheels, tyres, buggies, and other industrial products. Among its most recent accolades is the Golden Eagle 2017 Award.
Matex International Limited
Incorporated and headquartered in Singapore on 30 September 1989 as Matex Speciality Chemicals Pte Ltd., the company has shown rapid growth by establishing agents, subsidiaries, and distributors across Europe and Asia, which includes Bangladesh, Malaysia, China, Vietnam, Turkey, the United Kingdom, Indonesia, etc. Matex is a global marketer, manufacturer, and supplier of chemicals and dyestuffs, as well as computer-aided devices for the textile, paper, leather, detergent, and polymer industries, and colour measurement. They have received numerous honours over the years. Matex has consistently been ranked as one of China's top chemical firms, and they were recently named Singapore Specialty Chemicals Company of the Year.
MegaChem Limited
Headquartered in Singapore, MegaChem Limited was incorporated in 1988. MegaChem is a chemical solutions provider that offers integrated services such as proprietary chemical manufacturing and contract manufacturing tailored to the needs of its customers. The company also distributes specialty chemicals on the international market. MegaChem stocks over 1,000 different specialty chemical types and grades for a variety of applications. MegaChem has warehousing and distribution points in 11 countries, including Australia, Thailand, China, the United Arab Emirates, Singapore, Malaysia, Indonesia, Vietnam, the Philippines, India, and the United Kingdom, and a global reach that includes more than 30 countries.
NANOFILM TECHNOLOGIES INTERNATIONAL LIMITED
Nanofilm Technologies International Limited is a Singapore-based company founded in 1999 that provides nanotechnology solutions throughout Asia. The company offers technology-based solutions to a variety of industries. Its business is divided into three divisions: nanofabrication, industrial equipment, and advanced materials. The Nanofabrication segment is a manufacturer and supplier of nanoproducts in optical imaging lenses and sensory components to end-product customers. The Industrial equipment segment designs and develops customized coating equipment, cleaning lines, and automation systems for customers in select markets, including after-sales support. The Advanced Materials segment is a material science solutions provider of advanced materials via surface solutions nanotechnology applied across a variety of end industries. Recent awards include Singapore’s Fastest Growing Companies 2022, and High-growth companies Asia-Pacific 2022.
KEPPEL CORPORATION LIMITED
Keppel Corporation is a Singapore-based firm founded on1st September 1968, with a global presence in over 20 countries. Keppel provides solutions for sustainable urbanization, with a focus on four key areas which are as follows: energy and the environment, urban development, connectivity, and asset management. The company is made up of several partnered businesses that focus solely on offshore and marine, property, and infrastructure. The Singapore Apex Corporate Sustainability Awards 2021 named Keppel Corporation the Apex Winner in the Sustainable Business category.
ADVANCED HOLDINGS Ltd.
Advanced Holdings Ltd., based in Singapore, was founded in 1993. It is a global engineering science organization that manufactures, designs, and markets a wide range of innovative products and solutions to the Petrochemicals, Chemicals, and Oil and Gas industries to ensure operations are cleaner, safer, and more efficient. Advanced Holdings offers process and quality control equipment as well as engineering services. It has manufacturing facilities and offices in more than 11 countries, including the UAE, the UK, China, Germany, the USA, France, Germany, Singapore, and Saudi Arabia.
FEDERAL INTERNATIONAL (2000) LTD
Federal International (2000) Ltd. is a Singaporean company that was established in 1974. They serve clients in the Energy, Marine, and Oil and Gas industries across the world. Federal International (2000) Ltd. distributes and serves the Oil and Gas, Petrochemical, Energy, and pharmaceutical industries with flow-line control services and products. In addition, the company distributes fire protection and detection systems, oilfield engineering materials, information technology (IT) services, and electrical products. The corporation has subsidiaries in Singapore as well as offices in Indonesia.
GEO ENERGY RESOURCES LIMITED
Geo Energy Resources Limited is a Singaporean coal mining group that was founded in 2008, and has offices in both Singapore and Indonesia, as well as production operations in the latter. Geo Energy began the journey as a coal mining services provider and has evolved into a coal producer that outsources its coal mining operations. Geo Energy’s net profit increased to US$129.8m. This brought the group's full-year earnings for 2021 to US$177.9 million, up 87 percent from the year 2020’s earnings of US$94.9 million. Geo was named one of Singapore's fastest-growing companies in 2019 and again in 2021
HAI LECK HOLDINGS LIMITED
Hai Leck Holdings Limited, based in Singapore, was founded in 1975 and provides construction, procurement, and engineering services to the Oil and Gas, Pharmaceutical, Petrochemical, and Utility industries. Its services include maintenance and project management, as well as business process outsourcing and contact centre support. The corporation has subsidiaries in Singapore as well as offices in Thailand. Hai Leck was named a Singapore 1000 Company in 2018 after becoming a publicly-traded company. It has also achieved several certificates from Workplace Safety and Health Council.
MAGNUS ENERGY GROUP LTD.
Magnus Energy Group Limited commenced operations as a mechanical and electrical contractor in 1983. It acquired Mid-Continent Equipment Group Pte. Ltd. in 2004. It is a major supplier of products and services to the Oil and Gas, Offshore Fabrication, and Shipbuilding industries. It is headquartered in Singapore and has offices in Australia, India, New Zealand, and the United States. Through its subsidiaries, Magnus Energy Group Ltd distributes oil and gas equipment, as well as trading in renewable energy and natural resources. Oilfield equipment supply and services, wastewater treatment, renewable energy, and investment holding are the company's reportable segments.
PACIFIC RADIANCE LTD.
Pacific Radiance Limited operates and owns offshore vessels, and provides subsea services, marine equipment, and shipyard services. It also provides project logistics to the global Oil and gas industry. Pacific Radiance Ltd.has offices in Mozambique, Indonesia, and Mexico, with its headquarters in Singapore. The Pacific Radiance Group was founded in 2002 and now owns and operates a fleet of 130 modern offshore vessels. The company won an arbitration award against a Chinese shipyard in a case involving two cancelled platform supply vessels in 2019.
PEC LIMITED
Founded in Singapore in 1982, PEC Limited has established itself as a trustworthy plant and terminal engineering specialist in the Middle East and Asia, offering Maintenance Services, Project Work, and other related services to the Oil and Gas, Oil and Chemical Terminals, Petrochemical, and Pharmaceutical industries. PEC provides single-source fully integrated engineering, construction, procurement, and maintenance services, and has joined hands with many big names in the industry today. The Workplace Safety and Health Council has honoured PEC with several awards in the year 2021, which included two Workplace Safety & Health Performance Awards (Gold), sixteen Workplace Safety & Health SHARP Awards, and a Workplace Safety & Health Innovation Award (Silver).
SBI OFFSHORE LIMITED
SBI Offshore Ltd was established in Singapore in 1994, as a marketing and distribution company for offshore and marine equipment, representing some of the world's major original equipment manufacturers of offshore equipment, includingJiangyin Neptune (China), Techdrill (UK), and Wilhelmsen Callenberg (Norway). It is now a provider of integrated drilling equipment and engineering solutions to the Oil and Gas industry. SBI expanded into solar energy and established Solar Energy Investments Pte Ltd. Solar Energy Investments is a fully integrated and self-contained solar PV power producer. They own, build, operate and maintain solar PV power plants in various parts of the world with their strategic partners.
SWIBER HOLDINGS LIMITED
Swiber Holdings Limited is a Singapore-based group that was founded in 1996. To support the offshore field development and production activities of its international clients in the Middle East, Asia-Pacific, Latin America, and West African region, the Group provides a wide range of Construction, Installation, Engineering, and Procurement services, complemented by its in-house marine support and engineering capabilities. Swiber was featured on Forbes Asia's Best under a Billion list, and it remains one of Singapore's top 100 brands in Brand Finance's Annual Report. Swiber was also conferred the Singapore Corporate Governance Award by the Securities Investors Association (Singapore).
VIKING OFFSHORE AND MARINE LIMITED
Viking Offshore and Marine Limited, a Singapore-based company that was founded in 1993, offers services to the offshore Oil and Gas production industry. The company designs, manufactures, and installs air conditioning, ventilation, heating, and refrigeration systems for offshore oil platforms in Southeast Asia and China. Viking's offshore and marine operations are divided into three operating companies: Viking Airtech Pte Ltd, Promoter Hydraulics Pte Ltd, and Marshal Systems Pte Ltd. In 2009 they were honoured to receive the two following awards at the Singapore 2009 SME Growth Excellence Awards: Top 10 for Sales/Turnover, and Top 10 for Internationalising.
IFAST CORPORATION LTD.
iFAST Corp was founded in Singapore in 2000. It offers a comprehensive range of investment products and services to financial institutions, banks, financial advisory firms, retailers, and high net worth investors, as well as multinational corporations in Asia. The company has also established a presence in Malaysia, India, Hong Kong, and China. Among several honours achieved by iFAST Corp are the following awards: Runner-Up of the Most Transparent Company Award 2021 - Financials, as well as Shareholder Communication Excellence Award 2021 - Mid Cap at the SIAS Investors’ Choice Awards 2021.
GREAT EASTERN HOLDINGS LIMITED
Headquartered in Singapore, Great Eastern Holdings Limited is the oldest life insurance company in Singapore and Malaysia, having been founded in 1908. The company also has operations in Indonesia and Brunei, as well as a presence in China and a representative office in Myanmar.
Since 1932, Great Eastern has been a subsidiary of OCBC Bank in Singapore. In an exclusive agreement with OCBC Bank, Great Eastern became the first insurer in Singapore to develop a bancassurance network in 1992. For retail clients, they offer Home, Travel, Auto, Personal Accident, and Maid insurance, as well as a Small and Medium Business package, and Property and Casualty insurance for businesses.
SINGAPORE AIRLINES LIMITED
On January 28, 1972, Singapore Airlines was formed. With a hub at Singapore Changi Airport, it is the country's national carrier. Singapore Airlines offers services to nine countries, with flights making a total of 27 stops. When it comes to aircraft and engine manufacturing, the airline does business with firms like Rolls-Royce, Boeing, and Airbus. They earn various honours each year for their safety record, in-flight comfort, and the numerous services they provide as an airline. Among the most recent accolades are the DestinAsian (Asia) Readers' Choice Award 2022, Best In-Flight Entertainment, and Best Airline (Overall).
UOL GROUP LIMITED
United Overseas Land Limited was established in Singapore in 1963, and is a publicly traded property company with total assets of approximately $20 billion. Singapore Land Group Limited, its publicly traded property subsidiary, owns a diverse portfolio of prime commercial assets and hotels in Singapore. United Overseas Land Limited owns and operates over 30 service suites, resorts, and hotels in Asia, Oceania, North America, and Europe through its hotel subsidiary Pan Pacific Hotels Group Limited. The company has won several awards such as Urban Land Institute Awards for Excellence, FIABCI Prix d’Excellence Award, President’s Design Award, and Aga Khan Award for Architecture.
SINGAPORE PRESS HOLDINGS LIMITED
Singapore Press Holdings, was founded in Singapore on August 4, 1984, and is a trusted source of news in Asia and Singapore. It has several business segments in the media industry, including the publication of magazines, books, and newspapers, in both digital and print formats. It also operates and owns other businesses such as outdoor media and radio stations. Among the most recent accolades bestowed on Singapore Press Holdings are: Best News Website or Mobile Service (Gold), Best in Audience Engagement (Silver), and Journalism Award - Gold.
COMFORTDELGRO CORPORATION LIMITED
Comfortdelgro Corporation Limited was formed on March 29, 2003, by the merger of two land transport companies, Comfort Group and DelGro Corporation. Both had commenced operations in the 1970s and had grown to become successful, publicly traded land transport companies by the time of the merger. ComfortDelGro's businesses include rail, car rental and leasing, taxi, bus, automotive engineering services, driving centres, inspection and testing services, insurance broking services, non-emergency patient transport services, and outdoor advertising. The Group's operations currently extend from Ireland and the United Kingdom to Australia, Malaysia, and nine Chinese cities.
UMS HOLDINGS LIMITED
UMS Holdings Limited, founded in Singapore on January 17, 2001, is a one-stop strategic integration partner that provides equipment manufacturing and engineering services to original equipment manufacturers of semiconductors and related products. Modular and integration systems for the manufacture of original semiconductor equipment are among the products offered. The Group is headquartered in Singapore and has manufacturing plants in Malaysia, Singapore, and California, USA. For the fiscal year ended 31 December 2020, the Group generated record revenue of $164.4 million.
HRNETGROUP LIMITED
HRnetGroup was founded in Singapore in 1992. Today, it is a well-known recruitment and staffing firm with offices in 13 Asian cities. The firm specializes in flexible staffing as well as professional recruitment in a variety of industries such as Retail, Finance, Technology, and Manufacturing, to name a few. In Asia, the company has established 11 subsidiaries, including HRnetOne, YesPay, PeopleFirst, and others.
DHL and The Business Times presented The Enterprise Award 2017 to HRnetGroup on April 25, 2018.
YEO HIAP SENG LIMITED
Yeo Hiap Seng Limited, founded in 1900, commenced operations as a Singaporean beverage company, and expanded into more diverse food and beverage products under the YEO'S brand as it grew in popularity. The traditional soybean milk, a local favorite, was well received, and the company went on to produce a variety of other Asian beverages. Later on, the company expanded its product line to include everything from culinary sauce to chili sauce, instant noodles, and sesame oil.
Yeo Hiap Seng Limited operates in Europe, North America, Asia-Pacific, and Oceania.
HIAP SENG ENGINEERING LTD
Hiap Seng Engineering Ltd. was founded in 1950. It is a major service provider in the Oil and Gas and Process industries for project and maintenance services in Singapore, Asia-Pacific, and other regions. Hiap Seng Engineering Limited is a mechanical engineering firm that specializes in plant fabrication and installation, as well as plant maintenance for the Petroleum and Petrochemical industries. In addition, the company offers Internet e-business solutions. In 2010, Forbes Asia Magazine named Hiap Seng one of the 200 best public-traded corporations in the Asia-Pacific.
