CHEMICAL INDUSTRIES (FAR EAST) LIMITED MARKS 60TH ANNIVERSARY WITH $60,000 DONATION TO SOULJOURN

SINGAPORE,Aug. 1,2022 -- Founded in 1962,Chemical Industries (Far East) Limited (CIL) commemorated its 60th anniversary with a dinner for employees,customers and business partners at The Capitol Kempinski Hotel on 29th July 2022. As part of its commemoration,CIL made a $60,000 donation to Souljourn,a new annual fundraiser for children and youth from underserved backgrounds and those in need of mental health support. The beneficiaries of the fundraiser are The Business Times Budding Artists Fund (BT BAF) and Singapore Association for Mental Health (SAMH).

Emeritus Chairman,Mr Lim Soo Peng with Independent Chairman,Mr Yeo Hock Chye,and The Board of Directors at the cake-cutting ceremony

Mr Yeo Hock Chye,Independent Non-Executive Chairman of CIL,shared,"Tonight,as we celebrate our journey over the past 60 years,we also want to do something for our community by remembering the less fortunate amongst us.We hope that our donation will be able to touch the lives of the less-privileged."

60 years of rich history and achievements

Established by Mr Lim Soo Peng,JP,BBM(L),BBM,PBM,as a pioneer company in manufacturing and supplying chemicals to various industries including the petro-chemical,pharmaceutical,and water-treatment industries,the organisation has played an instrumental role in the industrialisation of Singapore. The company has also supported Singapore's journey towards water independence by providing key chemicals for the city state's water purification process.

Over the past 60 years,the company has achieved significant milestones including being one of Singapore's oldest listed companies in the stock market having been listed since 1973,being the sole chlor-alkali manufacturer in Singapore,and expanding operations regionally to Myanmar. It also overcame various headwinds including COVID-19 and played a role in curbing the spread of the virus by providing 300 tons of disinfectant chemicals to the Public Utilities Board of Singapore.

Marking new chapters and unlocking growth

As part of its leadership succession strategy,CIL transitioned from a family-run business to a professionally-led organisation. The organisation is now helmed by Independent Chairman,and Interim CEO,Mr Chng Hee Kok,who took over from founding Chairman and Managing Director,Mr Lim.

Mr Chng shared about CIL's transition to a professionally-led organisation,"This is a poignantexperience for me to be part of the transition in this incredible CIL journey. The transition is smoother than imagined due in no small part to the camaraderie and skills of the professional managers already in the company. The presence of outstanding management talent is testament to the leadership qualities of the founder,Mr Lim Soo Peng."

Mr Lim was a Member of Parliament for Havelock from 1967 to 1970,and appointed as a Justice of Peace in 1966. He also was a Member of the Prisons Board of Visiting Justices and Board of Inspection,and the Drug Rehabilitation Centre Committee. For his public service contributions,he was awarded the Public Service Medal and the Public Service Star in 1997 and 2001 respectively.

At the 60th anniversary dinner,the company announced the appointment of Mr Lim as Emeritus Chairman,where he will continue to guide the Board with his extensive and deep experience and knowledge of the Group and the industry. Accepting the appointment,Mr Lim said,"The first 60 years has seen CIL as a key partner in Singapore's industrialisation efforts. I wish the new leadership success in building upon the foundations that we have laid,to achieve greater heights."

Three special long-term distinguished customers who have journeyed with CIL over the years were also honoured at the dinner. They are Sumitomo Seika Singapore Pte. Ltd,Mitsui Phenols Singapore Pte. Ltd;and May Chemical Sdn. Bhd.

In his speech at the 60th anniversary dinner,Mr Yeo said,"Indeed,our long history of success can be largely attributed to many of you here tonight: our founder,Mr Lim Soo Peng,our shareholders,customers,business partners and our employees over the years. We look forward to everyone's continued support as we continue to transform to emerge even stronger."

CIL will unlock future growth and ignite new opportunities through three key pillars: growth,sustainability and culture. Committed to being environmentally responsible,the company will continue developing its core businesses while exploring new complementary areas of growth. Through its strategic pillars,CIL will continue striving to become the premier sustainable chemical solutions company in Southeast Asia.