SINGAPORE: The winners of this year's Singapore Business Awards said the current crisis is prime for their companies to grow through acquisitions of smaller businesses and distressed assets.

This year's Businessman of the Year award went to Ow Chio Kiat, executive chairman of the Stamford Land Group, which develops properties in Australia and New Zealand.

Ascendas' president and CEO Chong Siak Ching was named Outstanding CEO, making her the first woman ever to win the award.

Michael Kok, group CEO of Dairy Farm International, was named Outstanding CEO (Overseas), and the Enterprise Award went to homegrown shoes and accessories company, Charles and Keith.

Charles and Keith is putting its best foot forward to go against the downturn. It is stepping up expansion plans, with six new outlets in Singapore worth S$1.8 million by the first quarter of 2010.

Two outlets will be at the Marina Bay Sands integrated resort, even though rental negotiations are still ongoing. Charles and Keith said it is still waiting for the right price before jumping in to sign the lease with Sands.

But its other four new outlets will be set up in ION Orchard and 313@Somerset. The company is also expanding through franchising in eastern Europe, including Latvia and Estonia.

The manufacturer and retailer said the downturn has not hit sales, although its bottomline was slightly affected in the fourth quarter of last year.

CEO of Charles and Keith, Charles Wong, said: "The drop is also because we had some inventory issues last year which resulted in us not performing up to expectations. We still have a lot of sellable articles that are sold out really fast. I think there is still a lot of room for improvement and better results."

At a media event to announce the winners of this year's Singapore Business Awards, Dairy Farm International said it is looking to acquire smaller food retailers in Hong Kong and the region to grow its business.

Mr Kok said: "The valuations will be pretty good... We have to expand our topline, and the best way to expand is through acquisitions."

Also looking to capitalise on lower valuations of distressed assets are the other two winners of this year's awards. The heads of Ascendas and Stamford Land Group said there is still room for further adjustments depending on the market.

- CNA/yt