Whenever PAP mentions any company in the media, it is likely to be linked to PAP, ie directors are former MPs/ministers or a TLC. An example:
“Pun Minister Heng Swee Keat displayed stroke of brilliance at Budget 2018” shows a short video clip of Minister Heng praising concrete and cement company Pan United(PU) for its innovation which helped the company to become a “market leader”.
A quick search confirmed there are 2 former PAP MPs on PU’s board if directors. One of them was also a Senior Minister of State. PanUnited
PU has another 2 PAP-linked directors:
1. Tey Siew Choon – a former Colombo Plan scholar who was COO of Singapore Technologies
2. May Ng Bee Bee – a director of NTUC Entreprise Co-operative Ltd.
Is PU is a market leader as Heng claimed?
Judging from the above chart – shares at 2006 prices – perhaps Heng was spouting some BS.
PU’s survival and “market leader” position is dependent on PAP turning Singapore into the largest construction site to house the increasing foreigner population.
Almost all former PAP affiliates have joined companies which rely on PAP’s open-leg policy to be profitable. 😉