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Ufinity ranked 28th amongst top 50 Fastest growing companies

Aug 31, 2010

Top 50 companies ranked and lauded, based on compound annual growth By RACHEL SIM

Published August 31, 2010

Ufinity was ranked 28th amongst the Top 50 Fastest Growing Companies in Singapore according to the annual ranking done by the DP Information Group.

The transport and agriculture and related sectors which have been booming in line with the economic recovery are among the sectors which the 50 fastest growing companies hail from.

Of the top 50 fastest growing companies, 3 of the top 10 - Gulf Marine Far East Pte Ltd, Farstad Shipping Pte Ltd, and AET Tankers Pte Ltd - are from the transport sector. And two of the top 10 - Indofood Agri Resources Ltd and Yara Asia Pte Ltd - are from the agriculture and related sector.

Interestingly, top ranked company IndoAgri, based on its compounded annual growth rate of 3,136 per cent, has declined the award on grounds of unfair advantage in the awards selection criteria.

'We declined to accept the award because the award selection criteria presented us an unfair advantage due to the low FY2006 revenue of IndoAgri's pre-RTO entity, CityAxis Holdings,' stated Mark Wakeford, chief executive officer of IndoAgri.

IndoAgri was listed on SGX in February 2007 via a reverse takeover (RTO) of CityAxis Holdings Limited, a property and construction services provider and subsequently evolved into a plantation company and manufacturer of edible oils and fats in Indonesia. As IndoAgri assumed the same legal entity as CityAxis, it inherited the legacy of CityAxis including the financial results filed with ACRA.

Since the award selection was based on the company's 3-year CAGR(compound annual growth rate) in revenue for the financial years ended 2005 to 2008 derived from the combined results of the two distinctly different business operations, IndoAgri feels that the business operations are 'incomparable' and hence it should not win the award.

'We fully respect the methodology of DP. However, we want our performance to be measured on IndoAgri's core business, and I would be honoured if that resulted in us receiving such an award in future years,' commented Mr Wakeford.

On the decision to withdraw, Chen Yew Nah, managing director of DP Information commented, 'Indofood Agri Resources Ltd is an excellent company and if their management has reasons to decline the award then we fully respect their decision.'

Source: The Business Times, 31 Aug 2010

Launched in 2002 and a spin-off of the S1000 & SME 500, the "Fastest Growing 50" (FG 50) award identifies the most dynamic and exciting companies from the “Singapore 1000 and SME 500” annual ranking that have consistently achieved outstanding corporate growth, with the top 50 companies honoured with this certification.

Please refer to Fastest Growing 50 for more information.

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