KUALA LUMPUR: SP Setia Bhd president and chief executive officer Tan Sri Liew Kee Sin has been awarded the Malaysian Ernst & Young Entrepreneur of the Year 2011.
Liew would represent Malaysia to compete for the coveted Ernst & Young World Entrepreneur of the Year award at the annual award in Monte Carlo, Monaco next year.
The award was presented at the Ernst & Young awards gala, which was launched by International Trade and Industry Minister Datuk Seri Mustapa Mohamed who represented the deputy Prime Minister.
According to the panel of judges, Liew stands out for his innovative thinking – embodying the true spirit of entrepreneurial excellence and commitment to continue making a difference in people’s lives.
Liew had demonstrated keen foresight and the entrepreneurial qualities of passion, vision, determination and innovation, with an emphasis on sustainability.
SP Setia is a property developer with a strong brand name.
It posted a 30% year-on-year jump in net profit to RM327.97mil for its financial year ended Oct 31, 2011.
Revenue increased 27.9% to RM2.23bil during the period.
The group set a new full-year sales record in FY11 of RM3.29bil, a 42% increase from the previous record of RM2.31bil set in FY10.
It was the fourth consecutive year of increase in the group’s sales and represented the second consecutive year that total group sales had exceeded RM2bil.
The group recently launched its landmark integrated green commercial and mixed residential development called the KL EcoCity.
Internationally, its recent launches included Fulton Lane and EcoXuan, the group’s maiden project in Melbourne, Australia and second project in Vietnam respectively.
SP Setia was thrust into the limelight following a takeover bid by Permodalan Nasional Bhd (PNB) at RM3.90 per share and 91 sen per warrant in September.
SP Setia, Liew and PNB had proposed to enter into an agreement to formalise the incentives and management rights relating to the management and general conduct of the business of SP Setia.
The agreement is subject to an approval by the Securities Commission.
PNB might be paying out lucrative bonuses and stock options to SP Setia’s top management in order to persuade them to stay on with the group.
Meanwhile, Ernst & Young Malaysia country managing partner Abdul Rauf Rashid said Ernst & Young believed that entrepreneurship was fundamental and vital in every economy.
“Entrepreneurs help generate employment and industry growth.
“Indeed, driving entrepreneurship in Malaysia augurs well with the Government’s Economic Transformation Programme that encourages and facilitates private sector initiatives to drive our economy to a high-income nation,” he said in statement.
Ernst & Young presented four other awards for entrepreneurial excellence that included Emerging Entrepreneur 2011 to Exabytes Network Sdn Bhd chief executive officer Chan Kee Siak; Technology Entrepreneur 2011 to Vitrox Corp Bhd chief executive officer and president Chu Jenn Weng; Woman Entrepreneur 2011 to HELP International Corp Bhd chairperson/group CEO Datin Chan-Low Kam Yoke; and Master Entrepreneur 2011 to Liew.
The four recipients as well as the overall country award recipient were selected by an independent panel of judges guided by a set of globally-benchmarked criteria.