Mainboard-listed Sincere Watch Limited ("Sincere Watch" or "the Group"), the world premier watch specialist in the region today announced that its Chief Financial Officer ("CFO") of 13 years, Mr Soh Gim Teik has clinched the CFO of the year Award for Mainboard listed companies with market capitalisation below S$500 million.

The CFO of the Year Award recognizes CFOs who have played an advocacy role in promoting good governance, disclosure and transparency for their organizations and who are exemplary role models in corporate disclosure and transparency best practices. They also go beyond the mandatory regulatory requirements in corporate transparency and fairness in disclosure and helped create long-term shareholder value.

This is the second accolade for Sincere Watch in less than a week when its Group Managing Director, Mr Tay Liam Wee has been honored with the Singapore Tourism Board's Tourism Entrepreneur Award 2005 on March 2 nd , 2006.

Mr Soh's role in Sincere has been pivotal in Sincere Watch achieving several milestones. These include the prestigious Forbes "Best Under a Billion" list of companies in the Asia-Pacific in 2004 and 2005 and is the only watch retailer in Singapore to do so consecutively two years in running. In a survey conducted by KPMG and Oxford University's Templeton College of the world's top 500 listed retailer for the financial year ended 2002, Sincere was ranked 37th in terms of Realised Economic Value (REV), which measures how much cash flow a company is able to generate from its operations in relation to the amount of capital employed.

He plays an integral part in transforming Sincere Watch from a family-run into a professionally managed company with his astute strategic decisions, which positioned Sincere for sustainable growth in Singapore and beyond.

Mr Soh was instrumental creation of several milestones for Sincere Watch like the successful listing of Sincere on SESDAQ in 1993, the upgrade to the Mainboard of the SGX, expansion of Sincere Watch's presence from one to more than 30 outlets throughout Asia and the listing of Sincere Watch Hong Kong on the Mainboard of the Stock Exchange of Hong Kong. Sincere Watch is now the only Singapore homegrown luxury watch retailer to have listed entities on both the Mainboard of SGX and HKSE.

Working together the Board of Directors, Mr Soh put together their expertise and financial management skills to develop with strategies to successfully overcome the impact of the difficult operating conditions during the Asian financial crisis, economic slowdowns, lack-luster retail industry in Singapore and SARS.

Under Mr Soh's stewardship, shareholders have enjoyed a big jump in returns. An investor who has invested in the shares of Sincere Watch Limited in March 2000 and held the shares until now would have experienced a hefty 555% gain over 5 years.

Commenting on his CFO Award, Mr Soh Gim Teik, Chief Financial Officer/Finance Director, Sincere Watch said, "The launch of the CFO award is apt and timely as it serves to reinforce the critical importance of corporate governance and transparency among listed companies as they must be responsible and accountable to their stakeholders. I am thus honored to be conferred the inaugural CFO award. For me, this award is significant as it is a tribute to my team and it affirms that Sincere Watch's adoption of high standards of corporate governance, transparency and best practices has paid off. It also recognizes the Group's motivation and efforts in maintaining its strong commitment to deliver positive shareholders' value all the time."

In public companies, the CFO plays a critical function in attaining greater growth and achievements. The modern-day CFO must not only possess foresight and business acumen but also create long-term shareholders' value and ensure that the company maintains its competitive edge in the ever-changing business world. As a CFO, Mr Soh also has to constantly keep himself updated on the latest developments in the global financial reporting and corporate best practices.