How to identify potential privatization stocks in SG?

Buy undervalued/family business and gamble. Investing is all about gambling.

Look at those stocks with high ownership by the founder of the company / a particular entity. Reason-being, it is feasible for major shareholder to simply acquire the remaining of the shares and this will translate to a higher chance of success as compared to saturated ownership holdings where problems arise from unwillingness to sell of stakes within the company.

Aside from high ownership, you could also look at the value of the company. If it's consistently undervalued, some companies i.e. OSIM would rather privatise and re-list elsewhere for higher volatility, liquidity and value appreciation (figuratively and literally)