'It was founded to serve a social purpose and a social need... I wish to argue that INCOME and Fairprice should never be sold,' he exclaimed
SINGAPORE: Veteran diplomat Tommy Koh has joined those who have expressed disappointment over Allianz’s plans to acquire a majority stake in Income Insurance after the German conglomerate made a S$2.2 billion offer for a 51% stake in the company that started out as a social enterprise dedicated to serving all Singaporeans.
This call by Singapore’s Ambassador-at-large quickly gained traction online, with ordinary Singaporeans and other prominent individuals agreeing with Prof Koh’s take. Responding to a question about whether the company’s “noble socialist philosophy has lost its roots,” the two-time former presidential candidate, who led NTUC Income for 30 years, said last week:
Initially founded as NTUC Income Insurance Co-operative Limited, the company transitioned to a public non-listed entity named Income Insurance Limited in September 2022. Inspired by the vision of NTUC founding leader Devan Nair and supported by then Finance Minister Goh Keng Swee, NTUC co-operatives or Social Enterprises, including Income, were created to serve the needs of the working population.Netizens divided on Tommy Koh’s list of 5 tests Singaporeans should pass before becoming first-world people
While Allianz assured that NTUC Enterprise Co-operative Ltd would retain a substantial stake in Income Insurance, some Singaporeans have questioned whether the acquisition by a foreign entity will impact the company’s foundational values.
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