This article first appeared in The Edge Malaysia Weekly on March 24, 2025 - March 30, 2025

SINGAPORE-listed The Straits Trading Co Ltd (STC), a member of the Tecity Group, was founded by the late Tan Sri Dr Tan Chin Tuan, the man credited with shaping Oversea-Chinese Banking Corp Ltd (OCBC) into one of the world’s soundest banks in the 1980s.

Beyond his influence in banking, Tan was a firm believer in lifelong learning — a principle he upheld throughout his life. Born in 1908, he passed away in 2005, leaving behind not just a financial empire but also a deeply rooted value system.

In an exclusive interview with The Edge, STC executive chairman Chew Gek Khim, his granddaughter, reflects on her time with him and the lessons imparted that continue to guide her leadership.

“I lived with him. We were in the same house, a multigenerational home. I learnt from him … simply by spending time with him. I listened, I absorbed and I picked things up,” she recalls.

According to Forbes magazine, Chew and her family were the 35th richest in Singapore with a net worth of S$1.39 billion in 2024.

At STC’s helm since 2008, she remains steadfast in upholding the principles instilled by Tan, who was not just her grandfather but also her mentor.

“Our company’s mission is to create value for all stakeholders and to learn in the process. Whatever we do must be valuable to our customers, shareholders and partners. That is the underlying philosophy,” she says.

“We must do things properly, with integrity, and treat people fairly. We keep learning. We don’t just repeat the same thing every day. We grow, we gain experience and we don’t make the same mistakes twice.”

While many successors of Asian family businesses struggle with the weight of expectations, Chew insists she does not feel pressured.

“Not really. Pressure is something we impose on ourselves. A legacy is essentially a value system — it’s something we continue. If we believe in it, there’s no real pressure. You either live by the values, or you don’t. To me, it’s straightforward: We create value, and we learn. That’s it. How much pressure is that?”

She credits her grandfather with shaping her perspective on success and failure, recalling a particularly impactful lesson.

“He once told me, ‘You know, Khim, it’s okay to fail. You just have to pick yourself up and carry on.’ That was one of the most important pieces of advice he ever gave me. Since then, I’ve learnt to accept that there will be good times and bad times, and that has made me feel less pressure.”

At the core of it all, she believes one must have conviction in one’s work. While pressure is inevitable in business — after all, no one starts a venture with the intention of losing money — what truly matters is navigating challenges with resilience. There will always be frustrations when things do not go as planned, but that is simply part of the journey, she says.

Contrary to the belief that family businesses are outdated, Chew argues that many traditional principles remain relevant today.

“I don’t see much difference. You can’t say family business is old-fashioned. Many modern business practices are just rebranded versions of what was done in the past,” she points out.

“Today, people talk about diversity, inclusion and equality. But actually, this is just common sense. If you want different perspectives, you hire people from different backgrounds. Without diversity, everyone will think the same way, and the outcome will either be very right or very wrong.”

Chew believes that a company will operate more prudently with a range of viewpoints.

“If I say, ‘Hey everyone, I think we should do it this way’, and someone else challenges me, ‘Khim, have you thought about this?’ — that’s the kind of diversity that helps us make more calibrated decisions.”

She also sees parallels between modern corporate principles and fundamental business ethics that have existed for generations, particularly in environmental, social and governance (ESG) practices.

“Many think ESG is a modern idea, but it’s not. Old-fashioned companies already understood these principles. They were looking after the environment long before it became part of the corporate agenda. In the past, people recycled like nobody’s business, simply because they couldn’t afford to waste.”

Chew points out that in the past, wealthy families and clans in Singapore and Malaysia naturally gave back to society, understanding that social harmony depended on it.

“When you make money, naturally you want to help people. Otherwise, you will have violence and unhappiness in society,” she says.

Likewise, good governance is just common sense, she argues. “You don’t take company money to go shopping and gambling. That’s not good business. If you run a business, you can’t take money from your shop for personal use.”

At STC, whose roots lie in colonial-era Singapore, Chew’s focus is on ensuring the 138-year-old company remains adaptable and forward-looking.

“My main job is to make sure STC stays relevant. Take real estate — can I make it more relevant? That’s why we’re exploring fractional ownership. Will people like it? We don’t know yet. Similarly, we’re looking into independent living for seniors.

“As for our subsidiary Malaysia Smelting Corp Bhd (KL:MSC), the company is in mining and smelting — we don’t want to use technology that’s 100 years old. If there are new, more efficient and environmentally friendly methods, why stick to outdated ones?”

Rather than setting a rigid end goal for STC, Chew prioritises sustainability and succession planning. “I don’t have an ultimate goal for STC. But if it can be sustainable and continue creating value, that will be ideal. A succession plan must always be in place, but it depends on where we are at that point.

“Right now, we have many professionals running the business, and that’s perfectly fine. Whether family members take over in the future depends on competence. We have to groom people, whether they are from the family or not.”

She acknowledges that while shareholders must safeguard their interests, that does not mean interfering unnecessarily. She goes on to say that effective leadership should be given the space to operate, but if performance falters, intervention becomes necessary. The priority is ensuring the company remains in capable hands.

Despite being born in an era of traditional values, Tan was ahead of his time, says Chew. “He was a very modern person for his era. You have to understand, he was born in 1908, when it was common for men to have multiple wives and to believe women didn’t need education.

“But my grandfather had only one wife, and he ensured all his children — boys and girls — were educated. My mother became a doctor and an eye surgeon. He was very progressive.”

According to her, Tan also embraced societal shifts, particularly women’s participation in the workforce.

“He told me that before World War II, women didn’t work. But after the war, when many men had died, women entered the workforce — and he found them to be excellent employees.

“He hired his first female secretary after the war. As the world evolved, so did his mindset, and that’s something I learnt from him.”

One of Chew’s most defining business moves — taking over STC in 2008 — was deeply influenced by her grandfather’s vision.

By the early 2000s, Singapore’s banking regulations forced financial institutions to separate their banking and non-banking assets, leading OCBC to divest its stakes in companies Tan had strategically acquired for the bank.

This dismantling of a carefully crafted business empire, to him, was more than just regulatory compliance — it meant losing control over businesses that had been integral to Singapore’s economic growth. Seeing these assets sold off to third parties was not just frustrating, but also painful.

Against this backdrop, Tan urged Chew to “buy at least one of my companies”. While he did not specify which company, the takeover of STC in 2008 was an opportunity to preserve at least part of what he had built.

“He told me, ‘Keep something’. That’s part of the reason we bought STC,” she says.

Chew reveals that her earlier attempts to acquire other companies were not successful. “I tried to buy Robinson & Co [in 2006], but I failed. I tried to buy United Engineers Ltd, but I failed. I tried to buy Raffles Hotel [in 2005], but I failed. But when the opportunity to acquire STC arose, I succeeded — it was opportunistic, and there was a bidding war.”

Through her family’s investment vehicle Tecity, she made an offer to acquire STC in early 2008, triggering a high-profile bidding war with the wealthy Lee family, the founders of OCBC.

The Lee family’s patriarch, the late Tan Sri Lee Kong Chian, is today known as the founding father of OCBC. He was the son-in-law of Chinese community leader and philanthropist Tan Kah Kee, who introduced him to the rubber industry. Lee subsequently founded Lee Rubber Co (Pte) Ltd, which became the biggest rubber planter in Southeast Asia.

Likewise, Chew’s grandfather Tan, nicknamed “Mr OCBC”, was a towering figure in banking, having played a pivotal role in shaping OCBC’s growth and Singapore’s financial landscape. He was also the paternal uncle of Tony Tan Keng Yam, another OCBC banker and politician who served as the seventh president of Singapore from 2011 to 2017.

In January 2008, Tecity — spearheaded by Chew — held about 26% of STC. At the time, the Lee family owned about 7.1% of STC directly and held another 25% through OCBC and its affiliate, Great Eastern Holdings Ltd.

The fight for STC began on Jan 6, 2008, when Tecity made an initial offer of S$5.70 per share, valuing the commodity and property firm at S$1.86 billion. In response, the Lee family countered with a higher bid of S$5.76 apiece before raising it to S$6.55 per share, escalating the battle for control over one of Singapore’s oldest trading houses, whose assets spanned metals trading, hotels, properties and one of the world’s largest tin smelters.

Over the next two months, Singapore watched as two of its most prominent banking families — both closely linked to OCBC — went head-to-head over STC. The bidding war culminated when Tecity raised its offer to S$6.70 per share, an 18% premium over its initial bid, pushing STC’s valuation to S$2.18 billion.

In March 2008, citing market volatility, the Lee family finally withdrew its bid and decided to accept Tecity’s rival offer. OCBC’s insurance arm Great Eastern subsequently sold its 19% stake in STC to Tecity.

With the Lee family conceding defeat, Chew secured an 89% stake in STC, cementing her control over the company.

Although Tan passed away in 2005 at the age of 96, three years before the STC takeover, his words stayed with Chew.

“When you build something and see it being dismantled, it’s painful. It’s like building an entire Lego city, only to watch it taken apart — you’d naturally want to keep something,” she says.

When asked whether her grandfather would have been proud of her efforts, Chew remains pragmatic.

“I don’t know about that,” she laughs. “But at least I did what he asked me to do. I am still managing it. Maybe that’s my legacy. Perhaps it’s not such a heavyweight [compared with his legacy]. Is [the takeover of STC] really that great? Maybe not. But I did what he asked.”

For Chew, preserving a legacy is not about nostalgia or pressure — it’s about principles, adaptability and creating lasting value. And as long as STC continues to evolve while staying true to its core values, she believes her grandfather’s legacy will remain very much alive.

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