SMEs should tap private equity players' expertise to grow: Heng Swee Keat

SINGAPORE - Small and medium-sized enterprises (SMEs) should tap private equity firms in addition to the many Government schemes and funding programmes on offer to automate, innovate, scale and internationalise, said Finance Minister Heng Swee Keat.

"Make the best use of the expertise of our private equity players, who can connect you to markets and partners, and to access technology," added Mr Heng.

He was speaking at the opening of green restroom specialist Rigel Technology's new global headquarters at Changi Business Park on Friday (April 8).

Rigel has been a portfolio company of Heliconia Capital Management, Temasek's private equity fund that focuses on SMEs, since 2014.

The homegrown maker and designer of toilets, taps and other bathroom products has completed projects for Changi Airport, Marina Bay Sands and the Sports Hub.

Rigel officially opened its S$35 million facility on Friday (April 8), after moving in last October. The six-storey building has a gross floor area of 16,000 square metres, and houses a showroom, research and development incubation room as well as a test manufacturing room.

At the opening ceremony, Rigel also signed memorandums of understanding with three companies for deals worth more than S$9 million.