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SINGAPORE: Sunny Verghese, the chief executive of supply chain manager Olam International, was named Ernst & Young Entrepreneur of the Year 2008 on Thursday night.
He will head to Monte Carlo next to compete against 49 others for the World Entrepreneur of the Year award.
Sunny Verghese has steered Olam International from a one product, one country business in 1989 to a global company in multiple products across over 60 countries today. Olam is now among the largest players in industries such as raw cashew nuts, cocoa and rice.
The chief executive attributes his success to a unique business model that emphasises diversity.
Mr Verghese said: "No product, no country, no supplier, no customer dominates our revenues or earnings and that diversification really helps you manage volatilities and sell offs in markets, in pockets or in some areas."
Mr Ong Pang Aik, the executive chairman of Lian Beng Group, won the top honours in the Construction category of the award.
Mr Sim Giok Lak, chairman and managing director of Zicom Holdings, was named entrepreneur of the year in industrial products.
The winners were judged on various criteria, including entrepreneurial spirit, innovation, financial performance and strategic direction. This was the seventh time the award has been given out.
Giving out the awards, Finance Minister Tharman Shanmugaratnam noted that economic times were tough and Singapore cannot escape the effects of the global downturn. However, he said Singapore will do well if local companies focus on building value in their core businesses. - CNA/vm
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