1. Singapore, 30 October 2025 – NTUC Enterprise Co-operative Limited (“NTUC Enterprise”) announced that Mr Lim Boon Heng retired as Chairman of the NTUC Enterprise Board at its Extraordinary General Meeting (“EGM”) today.
2. The EGM elected Mr Tan Hee Teck to the NTUC Enterprise Board. The Board supported NTUC’s nomination of Mr Tan as the new Chairman of NTUC Enterprise, effective 31 October 2025.
Mr Lim Boon Heng’s Chairmanship at NTUC Enterprise3. The Board and management of NTUC Enterprise express their sincere gratitude to Mr Lim for his leadership demonstrated with conviction and commitment over the past 13 years, as founding Chairman of NTUC Enterprise. In 2012, NTUC and unions consolidated their shareholdings across different enterprises founded by NTUC into NTUC Enterprise as the holding entity and active shareholder, so as to better steward the enterprises to grow social impact, strengthen financial resilience, and attract talent for long-term competitiveness and sustainability.
4. Under Mr Lim’s leadership, the revenue of the NTUC Enterprise portfolio grew from $6.5 billion in 2014 to $8.2 billion in 2024, with a net asset value of $4.6 billion, across its three pillars of impact businesses, charities and financial investments. The five impact businesses – FairPrice Group, NTUC First Campus, NTUC Health, Income Insurance and NTUC LearningHub – serve over 70 per cent of households in Singapore. Income Insurance covers 1 in 2 Singaporeans; NTUC LearningHub trains more than 180,000 unique trainees yearly; NTUC First Campus takes care of 29,000 children every day. Mr Lim had the foresight to set up eldercare services in the 1990s. Today, NTUC Health, a leader in providing a range of services including nursing homes, active ageing centres, rehabilitation services and home care, is well positioned to scale its impact in the years ahead in Singapore’s rapidly ageing society.
5. Mr Lim has been keenly aware of the challenges faced by the portfolio in a rapidly changing operating environment driven by changes in technology, demographics, and consumer needs. In the mid 2010s, Mr Lim pushed the businesses to embrace digital transformation, with the most tangible result being FairPrice Group’s position as the leading omni-channel retailer in Singapore with 1.75 million digitally-connected customers.
6. Under the Charities pillar, the portfolio has contributed over $380 million in the past 10 years to scale up social support to those in need, to union members and their families. During the COVID-19 pandemic, Mr Lim stewarded the portfolio to ensure the resilience of food and daily essentials, the continuity of essential services, and committed $70 million in community support packages.
7. Mr Lim oversaw exploring all options to secure Income’s future including considering Allianz’s proposed offer for Income. The deal was blocked by the government and Allianz subsequently withdrew its offer. During his address (refer to Annex II), Mr Lim informed the EGM that NTUC Enterprise had conducted a review of its actions taken in relation to the corporatisation of Income and Allianz’s proposed offer for Income. Lee & Lee was engaged to assist with the review, and had found nothing to suggest that NTUC Enterprise’s actions in relation to the corporatisation of Income and Allianz’s proposed offer for Income were contrary to the provisions of the applicable laws and regulations considered, including the Co-operative Societies Act and Rules. Mr Lim emphasised that NTUC Enterprise had always acted in good faith, as acknowledged in the 14 October 2024 MCCY Ministerial Statement, and had acted in accordance with applicable laws and regulations, and the conclusions in Lee & Lee’s review reinforced this.
8. At the same time, Mr Lim and the NTUC Enterprise Board acknowledged there were areas for improvement. In particular, NTUC Enterprise could have been clearer and more explicit with stakeholders that there were opportunities to improve capital resilience, efficiency and optimisation with the Allianz’s proposed offer for Income. NTUC Enterprise could also have done better by being more proactive in public communications. NTUC Enterprise will take on board these observations to improve its processes.
9. Mr Lim shared, "It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition. Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility. While this particular chapter in Income’s history – of Allianz’s proposed offer for Income, which was subsequently withdrawn in 2024 – is closed, there is still much work to be done going forward for the NTUC Enterprise Board to consider all strategic options that can future-proof Income, taking into account considerations of stakeholders.”
10. Commenting on his retirement, Mr Lim said, “It has been a privilege to serve and lead NTUC Enterprise alongside directors and managements across the portfolio with wide experience, deep expertise, and strong alignment to the purpose and social mission of the NTUC. I thank my colleagues for their support and dedication. I am confident that the NTUC Enterprise portfolio will continue to grow from strength to strength in market competitiveness and financial resilience, anchored on purpose. Even as I step down from my role as Chairman, I ask the team to render their support to Hee Teck as they have given me, to bring NTUC Enterprise to new heights.”
11. Reflecting on Mr Lim's immense contributions, NTUC Secretary-General Mr Ng Chee Meng said, “Brother Lim Boon Heng is a giant of the Labour Movement, a selfless leader whose entire career has been devoted to Singapore. From his time as NTUC Secretary-General, laying the groundwork for many of the progressive labour policies we see today, to his instrumental role in shaping NTUC Enterprise into the powerful force for social good it is now, his impact is immeasurable. The foundation he built, based on a deep sense of mission and integrity, will continue to guide our efforts forward. We thank him profoundly for his exemplary leadership and wish him well, knowing that his legacy of caring for our workers will endure."
Mr Tan Hee Teck to assume Chairmanship of NTUC Enterprise12. Mr Tan Hee Teck will succeed Mr Lim as Chairman. Mr Tan’s extensive experience in both the private and public sectors positions him well to lead NTUC Enterprise in its next phase of growth.
13. Mr Tan’s decades of deep commercial experience, particularly his leadership in the successful bid to operate and develop Resorts World Sentosa (“RWS”), Singapore’s integrated resort, demonstrates his ability to drive growth and manage large-scale operations. This commercial acumen will be invaluable in strengthening the financial resilience of the NTUC Enterprise portfolio, building on the foundation laid by Mr Lim. Mr Tan recently retired from his positions as Chairman and Chief Executive Officer (“CEO”) of RWS, and CEO of Genting Singapore, on 31 May 2025. Over the past three decades, he had held various senior corporate and operational positions across different geographical regions. Mr Tan is currently a Lead Independent Director of Anext Bank.
14. In addition, Mr Tan’s significant involvement in the public sphere, as President of the Singapore National Employers Federation, a member of the National Wages Council 2025/26, a Board member of the Central Provident Fund Board of Singapore, and a member of the Singapore Economic Resilience Taskforce, highlights his understanding of national priorities and the needs of working families.
15. Mr Tan has been recognised for his contributions to the community. He was conferred The Public Service Star (COVID-19) National Award by the Singapore Prime Minister's Office in 2022 for his exemplary leadership in operationalising and managing the first-of-its-kind Community Care Facilities during the pandemic, serving approximately 34,000 patients. He is also a founding partner of Leukemia & Lymphoma Foundation, a charitable organisation in Singapore.
16. Mr Tan’s distinguished career in both the private and public sectors, as well as his commitment to enhance community welfare, aligns strongly with NTUC Enterprise’s purpose to enable better living and meet critical needs of working families in Singapore.
17. Mr Tan shared, “I am deeply appreciative of Mr Lim devoting his time and passion in steering NTUC Enterprise to serve its stakeholders in their best interests, and his commitment in uplifting our community. He has laid a strong foundation for the organisation’s future growth. It is an honour to take on the role of Chairman and to lead NTUC Enterprise in its next phase of development, including lessons learned from the Income episode. I look forward to working closely with the Board, management team, and stakeholders to further amplify the impact of the NTUC Enterprise portfolio.”
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Annex I
Biography of Mr Tan Hee Teck
Mr Tan Hee Teck is currently the President of the Singapore National Employers Federation (SNEF). He is also a member of the National Wages Council 2025/26 representing SNEF, a Board member and Chairman of the Risk Management Committee of the Central Provident Fund Board of Singapore, a Lead Independent Director of Anext Bank Pte Ltd, and a Member of the Singapore Economic Resilience Taskforce, chaired by Deputy Prime Minister Gan Kim Yong.
Mr Tan retired from his positions as Chairman and CEO of Resort World Sentosa (RWS) and CEO of Genting Singapore on 31 May 2025. He started his career with KPMG Malaysia, and joined the Genting Group in 1982 and held several senior positions across various geographical regions. He moved to Singapore in 1998 to join CDL Hotels and later joined DBS Vickers as COO and executive director of investment brokers DBS Vickers Securities. He subsequently rejoined Genting in 2004. He was the CEO of RWS since 2007 and was responsible for RWS winning the bid to operate the integrated resort in Sentosa, which opened in 2010. He was appointed as Chairman of RWS in 2015, and CEO of Genting Singapore in 2022.
Mr Tan was conferred the COVID-19 National Award in 2022 in recognition of his leadership for setting up, operating and managing the first-of-its-kind Community Care Facilities at various locations in Singapore including the Changi Expo site. Mr Tan is also a co-founder of Leukemia & Lymphoma Foundation, a charitable organisation for patients with blood cancers in Singapore.
Mr Tan is a Fellow of the Association of Chartered Certified Accountants, UK and a Fellow of the Singapore Institute of Certified Public Accountants. He is also a Chartered Accountant with the Malaysian Institute of Accountants. He is a graduate from the Advanced Management Program of Harvard Business School.
Annex II: Speech by NTUC Enterprise Chairman Lim Boon Heng at NTUC Enterprise Extraordinary General Meeting on 30 October 2025 – Abbreviated