Olivia Lum
Encyclopedia
Olivia Lum is the founder, group chief executive officer, and president of the Singapore
-based Hyflux Group
. She also heads the Research and Development function.
and graduated in 1986 with an Honours degree in chemistry from the Faculty of Science
of the National University of Singapore
.
. After working for three years at Glaxo, she left in 1989 at the age of 28 to start up Hydrochem, the precursor to Hyflux, with just SG$
20,000 of capital, which she raised by selling her condominium and car. She hired three employees at the start; Lum herself rode around on a motorcycle selling her company's water filters and treatment chemicals. By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange
's Mainboard in April 2003. By 2005, she had a net worth of over US$
240 million, which earned her a place as the only woman on Forbes
"Southeast Asia Rich List". As of 2007, Hyflux was worth
SG$1 billion and employed more than 800 people.
Lum holds several positions in public service. She is a board member of SPRING Singapore
, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. She is also a member of the UNESCAP Business Advisory Council and the Singapore Green Plan 2012
coordinating committee. Lum was a Nominated Member of Parliament
in the Parliament of Singapore
from 2 July 2002 to 1 January 2005. In 2003, she was awarded the International Management Action Award, followed by the Global Female Invent and Innovate Award the following year.
On October 3]2008, Lum resigned her position as independent non-executive director of the Singapore Exchange
and relinquished her position on the audit, regulatory conflicts and remuneration committees of the Exchange, according to the Exchange's filing. She stated this was due to her heavy work commitments in line with Hyflux's rapid expansion, and that her resignation would enable her to focus more time and resources on Hyflux's growth.
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
-based Hyflux Group
Hyflux
Hyflux Ltd is a global environmental solutions company listed on the Singapore Stock Exchange , with a market capitalisation close to S$735.4 million , and employs over 1,200 staff in China, India, the Middle East and North Africa region as well as Singapore and Southeast Asia.The company was...
. She also heads the Research and Development function.
Early life
Lum was adopted at birth, and never knew her parents; she was brought up by a woman she called her grandmother. When Lum was only three, her grandmother gambled away her savings; they lost the house in which they were living, and moved to a leaky shack without running water. She came to Singapore at the age of 15 and enrolled at the Tiong Bahru Secondary School, where she supported herself through tutoring and sales jobs. She went on to study at Hwa Chong Junior CollegeHwa Chong Junior College
Hwa Chong Junior College was a junior college in Singapore offering pre-university education. The college was founded in 1974 and merged with The Chinese High School on 1 January 2005 to form Hwa Chong Institution.-Founding:...
and graduated in 1986 with an Honours degree in chemistry from the Faculty of Science
Faculty of Science, National University of Singapore
The Faculty of Science in the National University of Singapore, can be traced back to 1929 when Raffles College started classes in Mathematics, Chemistry and Physics in Science education at the tertiary level...
of the National University of Singapore
National University of Singapore
The National University of Singapore is Singapore's oldest university. It is the largest university in the country in terms of student enrollment and curriculum offered....
.
Career
Lum started corporate life as a chemist with Glaxo PharmaceuticalGlaxoSmithKline
GlaxoSmithKline plc is a global pharmaceutical, biologics, vaccines and consumer healthcare company headquartered in London, United Kingdom...
. After working for three years at Glaxo, she left in 1989 at the age of 28 to start up Hydrochem, the precursor to Hyflux, with just SG$
Singapore dollar
The Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
20,000 of capital, which she raised by selling her condominium and car. She hired three employees at the start; Lum herself rode around on a motorcycle selling her company's water filters and treatment chemicals. By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
's Mainboard in April 2003. By 2005, she had a net worth of over US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
240 million, which earned her a place as the only woman on Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
"Southeast Asia Rich List". As of 2007, Hyflux was worth
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
SG$1 billion and employed more than 800 people.
Lum holds several positions in public service. She is a board member of SPRING Singapore
Statutory boards of the Singapore Government
The statutory boards of the Singapore Government are organisations that have been given autonomy to perform an operational function. They usually report to one specific ministry.*Accounting and Corporate Regulatory Authority...
, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. She is also a member of the UNESCAP Business Advisory Council and the Singapore Green Plan 2012
Singapore Green Plan 2012
Singapore Green Plan 2012 is a government blueprint for environment sustainability in Singapore, prepared by the Ministry of the Environment and Water Resources....
coordinating committee. Lum was a Nominated Member of Parliament
Nominated Member of Parliament
A Nominated Member of Parliament is a Member of the Parliament of Singapore who is appointed instead of being elected into office by the people, and who does not belong to any political party or represent any constituency. There are currently nine NMPs in Parliament...
in the Parliament of Singapore
Parliament of Singapore
The Parliament of the Republic of Singapore and the President jointly make up the legislature of Singapore. Parliament is unicameral and is made up of Members of Parliament who are elected, as well as Non-constituency Members of Parliament and Nominated Members of Parliament who are appointed...
from 2 July 2002 to 1 January 2005. In 2003, she was awarded the International Management Action Award, followed by the Global Female Invent and Innovate Award the following year.
On October 3]2008, Lum resigned her position as independent non-executive director of the Singapore Exchange
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
and relinquished her position on the audit, regulatory conflicts and remuneration committees of the Exchange, according to the Exchange's filing. She stated this was due to her heavy work commitments in line with Hyflux's rapid expansion, and that her resignation would enable her to focus more time and resources on Hyflux's growth.