Keppel Corporation has marked its 45th anniversary by donating $12 million to the National Art Gallery to help educate young people about the arts.
The world's largest oil-rig builder announced the donation last night at a gala dinner for about 700 people, including President Tony Tan Keng Yam, Emeritus Senior Minister Goh Chok Tong, ambassadors, government ministers and company employees.
Keppel chairman Lee Boon Yang and chief executive Choo Chiau Beng presented the cheque to National Art Gallery representatives at the event, which was held at the Shangri-La Hotel.
The gallery will spend the money on its upcoming art centre, which will be named the Keppel Centre for Art Education.It is estimated that it will engage 250,000 children, young people and families a year when it opens in 2015.
Keppel has grown from a small ship repair yard into a global player in the offshore and marine, sustainable environment and urban living industries.
In 1980, the company listed as a shipyard on Singapore's stock exchange with a market capitalisation of just $396 million. Today, Keppel is worth about $19 billion.
"Keppel is 45 years - and fighting fit," said Mr Choo in his address.
The company has faced many ups and downs through various business cycles, but has always been careful about the interests of its employees and shareholders, he added.