Sakae

[propertyinvestor]

Mr Douglas Foo, chief executive of the Sakae Sushi chain, has known Mr Ong since his national service days more than 20 years ago. “He is very driven, very sharp and resourceful. Nothing is beyond his appetite. Once he decides on something,m he gets it done,” he says. “He is also a very good negotiator. You wouldn’t want to have him on the opposite side.” UBS banker Paul Steffanson counts Mr Ong as one of his best friends. “When I first came to Singapore about 10 years ago, I met Andy and this other guy. Both warned me about the other.

But Andy turned out to be the honest one,” he says. He describes the entrepreneur as one who thinks outside the box, and who has a will to win and a hunger to achieve. “When people are aggressive, they’re not going to make themselves a bunch of friends, not many people are going to love them.” By his own admission, Mr Ong drives many people nuts, including his own staff. “I give people a lot of opportunities but I’m also very demanding. I get very disappointed with those who have potential but choose not to maximise it.” He has no answers when asked why he pushes himself so hard and what he lives for. “Sadly, I don’t know,” he says. “But I feel there are many things I have not achieved.” He adds, after a pause: “Deep down inside, I’m very insecure. Do you know, it was only last year that I convinced myself I was not poor any more?” This from a man whose hard assets total a couple of hundred million.

[greypiggi]

Met this Andy guy before at his office. His is rather arrogant and set off all my intuition alarms with respect to someone i do not trust and hence will not work with. Clearly very ambitious and has a large chip on his shoulder in terms of wanting to be recognized and making money.

[Ben]

His is rather arrogant.....

I have the exact feeling as you when I met him in one of his seminars long time ago, and I never want to attend any of his seminars again even if it is free. Most of the time he is just trying to sell himself, but I must say he is successful in building up his wealth. But now that the rat is out of the bag, lets see what is next...

[thistimenotdifferent]

Mr Douglas Foo, chief executive of the Sakae Sushi chain, has known Mr Ong since his national service days more than 20 years ago. “He is very driven, very sharp and resourceful. Nothing is beyond his appetite. Once he decides on something,m he gets it done,” he says. “He is also a very good negotiator. You wouldn’t want to have him on the opposite side.” UBS banker Paul Steffanson counts Mr Ong as one of his best friends. “When I first came to Singapore about 10 years ago, I met Andy and this other guy. Both warned me about the other.

But Andy turned out to be the honest one,” he says. He describes the entrepreneur as one who thinks outside the box, and who has a will to win and a hunger to achieve. “When people are aggressive, they’re not going to make themselves a bunch of friends, not many people are going to love them.” By his own admission, Mr Ong drives many people nuts, including his own staff. “I give people a lot of opportunities but I’m also very demanding. I get very disappointed with those who have potential but choose not to maximise it.” He has no answers when asked why he pushes himself so hard and what he lives for. “Sadly, I don’t know,” he says. “But I feel there are many things I have not achieved.” He adds, after a pause: “Deep down inside, I’m very insecure. Do you know, it was only last year that I convinced myself I was not poor any more?” This from a man whose hard assets total a couple of hundred million.

I chuckled when i read this one cos i really could relate to this...know of this so-called 'businessman' whom some folks claim is so honest, so much integrity, so fantastic to work with...my reply is always the same...sure you go ahead and try. btw how can you know more than me? (I am his uncle!)

btw, i once did some work for mr andy ong's ERC company, and alarm bells rang off too..when i saw all the posh cars parked at the school, luxury wear (don by his equally young partner), etc. So in a mad rush to get rich and showoff that you have "made it"....it's so immature and insecure.

[pianist]

didn't know u r his uncle...did he give some ang bao for this cny?

[thistimenotdifferent]

no lah, u're mistaken, i was referring to my own nephew...nowadays young people should read more books like Millionaire Next Door....

[yeokiwi]

He adds, after a pause: “Deep down inside, I’m very insecure. Do you know, it was only last year that I convinced myself I was not poor any more?” This from a man whose hard assets total a couple of hundred million.

Sakae invested S$10 million in Griffin Real Estate Investment Holdings Pte. Ltd. Since he has a couple of hundred millions, what is S$10 million??
So, the reason is obvious...

[Louhan]

Sakae has reported a huge loss in the financial year ending 31 Dec 2012.

[hongonn]

Sakae has reported a huge loss in the financial year ending 31 Dec 2012.

Huge loss? Now i only hope that they don't owe the cleaners' salaries.

[lonewolf]

That's because they make a $10.468 million allowance for Impairment in investments in associates. Without that impairment, operation profit nearly double to 6.073 million.

The Company has assessed the developments on the matters concerning GREIH and is of the opinion that the principal amounts investments in associates is unlikely to be impaired, although the value of its investment may be adversely affected by the matters forming the subject matter of the present litigation.

However, bearing in mind that there exists uncertainty in relation to the developments and outcome of the present litigation involving GREIH, the Company has decided to adopt a conservative and prudent approach in the financial statements and made a full allowance for potential impairment of $10.5 million on its recorded carrying amount of investments in associates in 2012.

Final dividend of 1c declared (unchanged from last yr)

Full Year 2012 Results

(Not Vested)