gov.sg wants to buy a piece of every business because they want to hold them captive on the island. The only thing that stops gov.sg from succumbing to collectivism/liberalism is the freedom of businesses to leave the country if things get worse for them.
But since gov.sg uses a stolen concept. i.e. an ideology of economic freedom without its antecedent truths, it is an unstable model for economic freedom. Sooner or later it is bound to need economic slavery for self-sustenance and to achieve its collectivist welfare goals.
When such a time comes, they will need businesses under their ownership. Any businesses that are too healthy without government ownership or do not intend to succumb to government investment is going to be the black sheep of the .sg society. They will be continually portrayed as evil by the .gov.sg media.
Once all such individualists are gone or enslaved by the government, all that will remain are collectivists who lie that their ownership of private property is merely a means to public service.
As long as people are extremist about extremism being wrong, there will be no place on this planet with a sustainable economic freedom. So my advice to people who make money is: keep your interests mobile.