Golden Agri-Res E5H

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Company profile

The business, the people and the ownership behind Golden Agri-Res.

Business overview

About the company

Golden Agri-Resources operates integrated palm oil plantations and related businesses. Its activities span palm-based product production and distribution, supported by an end-to-end supply chain and international marketing network.

Annual Report 2025 ↗ Reviewed 2026-10-23 · Source dated 2026-04-01. PDF p. 4

Listed security

Company & listing

Full Company Name: GOLDEN AGRI-RESOURCES LTD
Trading Currency: SGD
Website: www.goldenagri.com.sg
Listing: Listed on 9 July 1999 on SGX Mainboard
ISIN Code: MU0117U00026

Board & management

Leadership

Eight directors are reported in office at the date of the Directors’ Report. The report contains appointment/re-appointment histories, but no separate schedule of directors departing during FY2025 was located in the reviewed governance/director-report pages. The board roster is not an executive-management roster.

FRANKY OESMAN WIDJAJA

Chairman and Chief Executive Officer

Golden Agri-Resources Ltd PDF p. 31

MUKTAR WIDJAJA

Executive Director and President

Golden Agri-Resources Ltd PDF p. 32

RAFAEL BUHAY CONCEPCION, JR.

Executive Director and Chief Financial Officer

Golden Agri-Resources Ltd PDF p. 32

CHRISTIAN G H GAUTIER DE CHARNACÉ

Non-Executive Independent Director

Golden Agri-Resources Ltd PDF p. 33

WILLY SHEE PING YAH

Non-Executive Lead Independent Director

Golden Agri-Resources Ltd PDF p. 34

SOH HANG KWANG

Non-Executive Independent Director

Golden Agri-Resources Ltd PDF p. 34

MARIE CLAIRE GOOLAM HOSSEN

Non-Executive Independent Director

Golden Agri-Resources Ltd PDF p. 35

MARIE CHANTALE WAN-MIN-KEE

Non-Executive Independent Director

Golden Agri-Resources Ltd PDF p. 35

Roles listed in Annual Report 2025; current appointments are not independently verified.

Holdings

Ownership

As reported at 2026-03-10

The twenty largest registered shareholders and seven substantial-shareholder entries are shown as separate source sections. Their overlapping holdings are not added together. Directors’ interests are only the one named register row; the report explicitly says other directors had no interests except those disclosed.

Registered/depository holders and substantial direct/deemed interests are separate, overlapping disclosures. Substantial holders are as at 10 March 2026. Director interests use registered and deemed holdings at the beginning/end of FY2025 and 21 January 2026. TRUST(2) is part of the printed trust name, distinct from note (3).

ASCENT WEALTH INVESTMENT LIMITED

2,100,000,000; 16.56; –; –; 16.56

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

MASSINGHAM INTERNATIONAL LTD

982,197,897; 7.74; –; –; 7.74

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

GOLDEN MOMENT LIMITED

3,070,000,000; 24.21; –; –; 24.21

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

FLAMBO INTERNATIONAL LIMITED

260,000,000; 2.05; 6,152,197,897; 48.51; 50.56

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

THE WIDJAJA FAMILY MASTER TRUST(2)

–; –; 6,412,197,897; 50.56; 50.56

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

SILCHESTER INTERNATIONAL INVESTORS LLP

–; –; 883,750,900; 6.97; 6.97

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

KOPERNIK GLOBAL INVESTORS, LLC

–; –; 769,989,400; 6.07; 6.07

Direct shares, direct percentage, deemed shares, deemed percentage, total percentage PDF p. 202 As reported at 2026-03-10

Christian G H Gautier De Charnacé

352,000; 602,000; 602,000; -; -; -

Registered holdings in the Company; at beginning of year; end of year; 21 January 2026; deemed holdings in those same periods PDF p. 84

Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.

Registered & depository holders 20 holders

Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-10 · PDF p. 201

Registered holder	Interest	Shares / units	Source
GOLDEN MOMENT LIMITED	3,070,000,000 shares; 24.21%		PDF p. 2012026-03-10
ASCENT WEALTH INVESTMENT LIMITED	2,100,000,000 shares; 16.56%		PDF p. 2012026-03-10
UOB KAY HIAN PTE LTD	1,118,981,049 shares; 8.82%		PDF p. 2012026-03-10
HSBC (SINGAPORE) NOMINEES PTE LTD	1,052,476,258 shares; 8.30%		PDF p. 2012026-03-10
MASSINGHAM INTERNATIONAL LTD	977,047,817 shares; 7.70%		PDF p. 2012026-03-10
CITIBANK NOMINEES SINGAPORE PTE LTD	975,278,639 shares; 7.69%		PDF p. 2012026-03-10
RAFFLES NOMINEES (PTE) LIMITED	772,955,202 shares; 6.10%		PDF p. 2012026-03-10
PHILLIP SECURITIES PTE LTD	657,572,541 shares; 5.19%		PDF p. 2012026-03-10
DBSN SERVICES PTE LTD	284,751,946 shares; 2.25%		PDF p. 2012026-03-10
FLAMBO INTERNATIONAL LTD	260,000,000 shares; 2.05%		PDF p. 2012026-03-10
DBS NOMINEES PTE LTD	219,762,508 shares; 1.73%		PDF p. 2012026-03-10
ABN AMRO CLEARING BANK N.V.	84,267,969 shares; 0.66%		PDF p. 2012026-03-10
OCBC SECURITIES PRIVATE LTD	26,211,661 shares; 0.21%		PDF p. 2012026-03-10
UNITED OVERSEAS BANK NOMINEES PTE LTD	18,190,099 shares; 0.14%		PDF p. 2012026-03-10
BNP PARIBAS NOMINEES SINGAPORE PTE LTD	13,527,028 shares; 0.11%		PDF p. 2012026-03-10
DBS VICKERS SECURITIES (S) PTE LTD	13,326,853 shares; 0.11%		PDF p. 2012026-03-10
CGS INTERNATIONAL SECURITIES SINGAPORE PTE LTD	13,242,961 shares; 0.10%		PDF p. 2012026-03-10
MORGAN STANLEY ASIA (S) SECURITIES PTE LTD	10,591,639 shares; 0.08%		PDF p. 2012026-03-10
LIM AND TAN SECURITIES PTE LTD	10,281,004 shares; 0.08%		PDF p. 2012026-03-10
OCBC NOMINEES SINGAPORE PTE LTD	9,338,453 shares; 0.07%		PDF p. 2012026-03-10

Group structure

Main operating subsidiaries

As reported at 2025-12-31

The report’s detailed entity schedule is limited to 19 direct subsidiaries held by the Company (Note 10, physical pages 196–197). The reviewed audited financial-statement notes do not provide a comparable named country/activity/effective-interest schedule for Group associates or joint ventures; p129 reports joint-venture interests only as aggregate note lines.

Company	Market	Ownership interest
Asia Integrated Agri Resources LimitedDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Bermuda; Investment holding; 100; 100
Easton Capital Resources Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Singapore; Investment holding and treasury management; 100; 100
Golden Agri Capital Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Singapore; Investment holding and treasury management; 100; 100
Golden Agri International Finance LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Mauritius; Treasury management; 100; 100
Golden Agri International Finance (2) LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	British Virgin Islands; Treasury management; 100; 100
Golden Agri International (Mauritius) LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Mauritius; Investment holding and business and management consultancy services; 100; 100
Golden Agri International Pte LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Singapore; Trading in crude palm oil and related products; 100; 100
Golden Agri International Trading Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Malaysia; Trading in crude palm oil and related products; 100; 100
Golden Agri Investment (S) Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 196	Singapore; Investment holding; 100; 100
Golden Agri (Labuan) LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Malaysia; Trading in crude palm oil and related products and treasury management; 100; 100
Golden Americas Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Investment holding; -; 100
Golden Asset Capital Investment Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Investment holding; 100; 100
Golden Assets International Finance LimitedDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	British Virgin Islands; Treasury management; 100; 100
Golden Assets International Investment Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Treasury management; 100; 100
Golden Capital Resources (S) Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Investment holding and treasury management; 100; 100
Golden Funds & Investment Management Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Investment holding and treasury management; 100; 100
Golden Logistics International LimitedDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Hong Kong; Investment holding; 100; 100
Golden Oleo Pte. Ltd.Direct subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Singapore; Investment holding; 100; 100
Madascar Investment LtdDirect subsidiary; principal activity and country; effective interest held, 2025 then 2024PDF p. 197	Mauritius; Investment holding; 100; 100

Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.

Senior executives

Key management

Key management

Item	Value	Period / scope	Source
Franky Oesman Widjaja	Chairman and CEO	ERMC senior Management during FY2025	PDF p. 65
Kettinger Anthony Lee	Chief Operating Officer	ERMC senior Management during FY2025	PDF p. 65
Jesslyne Widjaja	Executive Director	ERMC senior Management	PDF p. 37
Pedy Harianto	Head of Controllership	ERMC senior Management during FY2025	PDF p. 65
The Biao Leng	Interim, Head of	ERMC senior Management during FY2025	PDF p. 65
Paul John Hickman	Head of Downstream	ERMC senior Management during FY2025	PDF p. 65

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Shareholding statistics

Share capital & shareholders

Share capital

Item	Value	Period / scope	Source
STATED CAPITAL	US$2,132,078,856.40	As at 10 March 2026 · As at 2026-03-10	PDF p. 201
NUMBER OF ISSUED SHARES (including treasury shares)	12,837,548,556 shares	Including treasury shares, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
NUMBER OF ISSUED SHARES (excluding treasury shares and subsidiary holdings)	12,681,673,056 shares	Excluding treasury shares and subsidiary holdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
CLASS OF SHARES	Ordinary shares of US$0.025 each	As at 10 March 2026 · As at 2026-03-10	PDF p. 201
VOTING RIGHTS	One vote per share. The Company cannot exercise any voting rights in respect of shares held by it as treasury shares.	As at 10 March 2026 · As at 2026-03-10	PDF p. 201
Issued and fully paid: Balance at beginning and end of the year	12,837,548,556 shares	Note 36, issued capital, No. of ordinary shares, balance at beginning and end of 2025	PDF p. 142

Treasury shares

Item	Value	Period / scope	Source
Issued and fully paid: Balance at beginning and end of the year	(155,875,500) shares	Note 36, treasury shares, No. of ordinary shares, balance at beginning and end of 2025	PDF p. 142
NUMBER/PERCENTAGE OF TREASURY SHARES	155,875,500 (1.23%)	As at 10 March 2026 · As at 2026-03-10	PDF p. 201
NUMBER/PERCENTAGE OF SUBSIDIARY HOLDINGS	Nil (0%)	As at 10 March 2026 · As at 2026-03-10	PDF p. 201

Shareholding distribution

Item	Value	Period / scope	Source
Total	28,711 shareholders	Number of shareholders, as at 10 March 2026; 100.00% of holders · As at 2026-03-10	PDF p. 201
1 - 99	1,032 holders; 3.59% of holders; 46,424 shares; 0.00% of shares	Size of shareholdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
100 - 1,000	3,091 holders; 10.77% of holders; 1,584,697 shares; 0.01% of shares	Size of shareholdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
1,001 - 10,000	11,520 holders; 40.12% of holders; 68,160,676 shares; 0.54% of shares	Size of shareholdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
10,001 - 1,000,000	12,982 holders; 45.22% of holders; 742,050,514 shares; 5.85% of shares	Size of shareholdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201
1,000,001 AND ABOVE	86 holders; 0.30% of holders; 11,869,830,745 shares; 93.60% of shares	Size of shareholdings, as at 10 March 2026 · As at 2026-03-10	PDF p. 201

Free float

Item	Value	Period / scope	Source
Percentage of issued shares held by the public	approximately 36.36%(1) of the issued shares of the Company is held by the public and therefore, Rule 723 of the Listing Manual of the Singapore Exchange Securities Trading Limited is complied with.	Based on information available as at 10 March 2026 · As at 2026-03-10	PDF p. 202

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Related parties, people & properties

Other disclosures

Related party transactions

Item	Value	Period / scope	Source
PT Bumi Serpong Damai Tbk	531,299 USD	Group; IPTs under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000), FY2025; subsidiary of Sinarmas Land Pte. Ltd.	PDF p. 74
PT Duta Cakra Pesona	1,923,116 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of Sinarmas Land Pte. Ltd.	PDF p. 74
PT Royal Oriental	4,274,021 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of Sinarmas Land Pte. Ltd.	PDF p. 74
Global Prime Treasury Pte. Ltd.	213,053 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of Sinarmas Land Pte. Ltd.	PDF p. 74
PT Rolimex Kimia Nusamas (“RKN”)	37,972,667#3	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of PT Dian Swastatika Sentosa Tbk	PDF p. 74
PT Roundhill Capital Indonesia	6,368,621 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of PT Dian Swastatika Sentosa Tbk	PDF p. 74
PT Daya Mas Agra Sejahtera	118,037 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of PT Dian Swastatika Sentosa Tbk	PDF p. 74
PT Asuransi Sinar Mas	7,754,384 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of PT Sinar Mas Multiartha Tbk	PDF p. 74
PT Bank Sinarmas Tbk (“BSM”)	16,921,423#4	Group; IPTs under shareholders' mandate (Rule 920), FY2025; subsidiary of PT Sinar Mas Multiartha Tbk	PDF p. 74
BSM	2,540,000#5	Group; IPTs under shareholders' mandate (Rule 920), FY2025; derivative transactions with BSM	PDF p. 74
PT Sinar Mas Tjipta	574,296 USD	Group; IPTs under shareholders' mandate (Rule 920), FY2025	PDF p. 74
SJE Management Pte. Ltd. (“SJE”)	331,605 USD	Group; IPTs during FY2025 excluding transactions <S$100,000 and mandate transactions	PDF p. 74
Total	331,605 79,190,917	Group; FY2025; first value = non-mandate IPTs, second = IPTs under shareholders' mandate (Rule 920)	PDF p. 74
Directors of the holding company	10,750 US$'000	Group; 2025 (2024: 8,901)	PDF p. 153
Other key management personnel	10,247 US$'000	Group; 2025 (2024: 9,840)	PDF p. 153
Purchase of palm based products and services from joint ventures	76,720 US$'000	Group; 2025 (2024: 42,217)	PDF p. 153
Insurance premium to a related party	7,376 US$'000	Group; 2025 (2024: 6,726)	PDF p. 153

Contingent liabilities

Item	Value	Period / scope	Source
Total outstanding	58,977 US$'000	Group; corporate guarantees to financial institutions on borrowings of joint ventures and entities owned by investees and joint ventures; 2025 (2024: 63,153) · As at 2025-12-31	PDF p. 157
Total facilities	118,422 US$'000	Group; corporate guarantees to financial institutions on borrowings of joint ventures and entities owned by investees and joint ventures; 2025 (2024: 125,795) · As at 2025-12-31	PDF p. 157

Director remuneration

Item	Value	Period / scope	Source
Franky Oesman Widjaja	8,767,627 S$	Director and CEO, FY2025	PDF p. 63
Muktar Widjaja	2,972,061 S$	Director, FY2025	PDF p. 63
Rafael Buhay Concepcion, Jr.	2,081,472 S$	Director, FY2025	PDF p. 63
Willy Shee Ping Yah	189,000 S$	Director, FY2025	PDF p. 63
Christian G H Gautier De Charnacé	194,000 S$	Director, FY2025	PDF p. 63
Soh Hang Kwang	107,000 S$	Director, FY2025	PDF p. 63
Marie Claire Goolam Hossen	38,040 S$	Director, FY2025	PDF p. 63
Marie Chantale Wan-Min-Kee	33,410 S$	Director, FY2025	PDF p. 63

Outlook

Item	Value	Period / scope	Source
Chairman and CEO statement – price volatility	Price volatility is likely to persist, influenced by shifts in global trade policies and developments in energy markets.	Chairman and CEO statement dated 17 March 2026	PDF p. 11

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Source: Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In: OTHERS
Email: [email protected]
Telephone: 230 2023000
Fax: 230 2125265
Registered Office: c/o IQ EQ Corporate Services (Mauritius) Ltd
33 Edith Cavell Street
Port Louis
11324 Republic of Mauritius
Secretary: IQ EQ Corporate Services (Mauritius) Ltd
Registrar / Transfer Agent: B.A.C.S. PRIVATE LIMITED
Registrar Address: 77 Robinson Road, #06-03 Robinson 77, Singapore 068896
Auditors: MOORE STEPHENS LLP
Other Stock Exchange Listings: *SINGAPORE EXCHANGE LTD.
Country: OTHERS
Security Type: stocks