Yes, I am not familiar with government-owned and controlled corporations (GOCCs) in Malaysia. Their term there is government-linked corporations (GLCs); in other countries they are called state-owned enterprises (SOEs).
Here in the Philippines, I still believe in the old proposal by Peter Wallace in 2005 -- just sell them all, at bargain firesale prices for some. We need less politics -- these GOCCs are often the dumping ground of some key political supporters of the administration in power who cannot be given regular posts like Cabinet Secretary, UnderSecretary, Presidential Adviser, etc.
Below, see the revenue program of the PH government. Lots of taxes and fees, and fines. Mainly to sustain the wide bureaucracies, national and local, and populist, welfarist subsidies and freebies with no timetable, meaning forever unless explicitly terminated, which seldom or never happened. Only P2 B a year in privatization proceeds.
Source: DBM, BESF 2020.
Privatization 12: PH government corporations sold, retained as of 2007, February 07, 2016
Privatization 13, Firesale of GOCCs, notes in 2005, December 30, 2016
Privatization 14, Notes in 2005, December 3, 2019