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Chairman’s Statement (continued)
The substantial shareholding in WBL,
and the strategic alliance with members
of the Far East Organization group are
the first step towards our investment
model of holding meaningful stakes
in businesses that are good engines
of growth. Furthermore with a strong
balance sheet we will have the financial
flexibility to pursue other options and
consider other investment opportunities
to add to our stakes in various businesses.
2013 AND BEYOND
Having undertaken three transformational
deals, we have transitioned to a new
phase of development through 2013
and beyond to make the stakes in the
businesses that we own into efficient cash
generating engines. With a significant
investment inanenlargedbaseof hospitality
assets, we are poised to reap economies
of scale and seize new opportunities
in the burgeoning travel and tourism
markets in Asia Pacific. Our substantial
stake in WBL positions us to work with
the board and management to unlock
value from its businesses. Together with
a new business structure, robust balance
sheet and stronger anticipated cash flow,
we are well positioned to endure any
near-term storms and equally prepared
to embrace any opportunities that may
present themselves.
We viewuncertaineconomic environments
as periods of opportunity – times during
which we can make the investments that
will continue to reward our shareholders
long after current market turbulence has
passed. Whilewe are cautiously optimistic
on the outlook for this year, our journey
continues towardsbecomingan investment
holding company with active interests
in self-sustaining businesses that are
focused players in their chosen fields.
BOARD CHANGES
We are pleased to welcome Mr Gautam
Banerjeewhowas appointed Independent
and Non-Executive Director effective
2 January 2013. He will also be the Lead
Independent Director and member and
ChairmanoftheAuditCommittee.MrBanerjee
has been with PricewaterhouseCoopers
Singapore, a professional services firm,
for 30 years, including as Executive
Chairman since 2004 and its Chief
Operating Officer for the Asia Pacific
region since 2005.
CHANGES TO
THE EXECUTIVE TEAM
A recent development has been the
addition of more members to our
Executive Team that is so crucial to our
future success. We wish to welcome
Mr Yap Chee Keong who joined as
Executive Director and Ms Thai Kum
Foon who joined as Chief Financial
Officer on 2 January 2013. We would
also like to welcome on board Ms Chi
Ping Huey who joined as Group Counsel
on 15 January 2013. With the addition of
these experienced professionals to our
executive bench, we are confident of
further enhancing the performance of our
businesses and maximising their value.
While we continually strive to create
value for our shareholders, we wouldn’t
be able to do this without our talented
and dedicated employees. We want
to thank our employees, directors and
management – both at our subsidiary,
Malaysia Smelting Corporation Berhad
and throughout the Straits Tradinggroup –
for their hard work, excellence, and
integrity. We also want to thank you, our
shareholders, for your steadfast support
in enabling us to continue building and
managing Straits Trading for long-term
value creation, even as we plot this new
trajectory of growth.
CHEW GEK KHIM
Executive Chairman
29 April 2013
T R A N S F O R M AT I ON / 08