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3.31 In addition, the Government will progressively
stop providing services that the private sector
can supply. Ministries and statutory boards will
no longer set up new companies, except in strategic
areas or where the private sector is not ready.
The Ministries have started a review of all their
companies, to be completed by this fiscal year.
It will be repeated every three years to determine
which companies should be retained, and which
should be divested.
3.32 We have so far identified a few dozen companies,
mostly small, which are non-strategic and can
be divested within the next few years. Two larger
examples are Ascendas and PSB Corp. Ascendas develops,
markets and manages business parks in Asia, while
PSB Corp's core business is in testing, technology,
consultancy and training services. A third, smaller
example is Hdbay, which provides interior designing
services and develops e-commerce applications.
It also accredits and recommends renovation contractors
to homeowners.
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