Singapore News

News from Singapore

Government proposes changes to Co-ops

Posted by jtsmyth8 on October 18, 2007

CO-OPs such as FairPrice, the supermaket chain, will soon get the tools to be a lot more competitive with private companies. The Government said it will next year loosen the rules that govern co-ops by making it easier for them to raise fresh funds to inject into their businesses, for instance.

Co-ops such as FairPrice, and dozens of other co-ops here, aim to fill a social need and help their members with any surplus funds.

Minister for Community Deve- lopment, Youth and Sports Vivian Balakrishnan said on Thursday that details will be outlined in Parliament in the next six to nine months.

But he said the proposed changes will give co-ops more flexibility to raise funds, compete and keep up with private sector companies, and manage their operations.

(more)

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