First Resources EB5

SGD 2.97 +6.06% +0.18 Updated 13 Nov 2026, 17:16 SGT

Company profile

The business, the people and the ownership behind First Resources.

Business overview

About the company

First Resources produces palm oil through plantations and processing facilities in Indonesia. Its activities include cultivating oil palms, harvesting fruit and milling crude palm oil and palm kernels, supported by downstream processing businesses.

Annual Report 2025 ↗ Reviewed 2026-10-23 · Source dated 2026-04-08. PDF p. 3

Listed security

Company & listing

Full Company Name
FIRST RESOURCES LIMITED
Trading Currency
SGD
Website
www.first-resources.com
Listing
Listed on 10 December 2007 on SGX Mainboard
ISIN Code
SG1W35938974

Board & management

Leadership

FY2025annual report snapshot. Eight directors, with CEO and deputyCEO separately identified. Clean corporate directory used rather than typographic extraction artefacts in some biography role headings. Registrar contacts separately labelled from issuer contacts.

Chang See Hiang

Chairman and Independent Director; Nominating Committee Chairman

Ciliandra Fangiono

Executive Director and Chief Executive Officer

Fang Zhixiang

Executive Director and Deputy Chief Executive Officer

Peter Ho Kok Wai

Independent Director; Audit Committee Chairman

Wong Su Yen

Independent Director; Remuneration Committee Chairman

Mary Yeo Chor Gek

Independent Director

Tan Seow Kheng

Non-Executive Non-Independent Director

Registered address

8 Temasek Boulevard #41-02 Suntec Tower Three, Singapore 038988

Company registration number

200415931M

Place and date of incorporation

Singapore, 9 December 2004

Company secretary

Victor Lai Kuan Loong

Independent auditor

Ernst & Young LLP; One Raffles Quay, North Tower, Level 18, Singapore 048583

Audit partner

Vincent Toong; appointed since financial year ended 31 December 2022

Share registrar

Boardroom Corporate & Advisory Services Pte. Ltd.; 1 Harbourfront Avenue #14-07 Keppel Bay Tower, Singapore 098632

Share registrar telephone

+65 6536 5355

Share registrar facsimile

+65 6536 1360

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

Holdings

Ownership

Snapshot13March2026:1,584,072,969issued shares less36,032,200treasury shares =1,548,040,769denominator;subsidiaryholdingsNil;publicfloat26.70%. Depositorytop20total1,523,637,751shares; printed98.44%matches sumofroundedindividualpercentages, whiletotalshares/denominator rounds98.42%. Original printedaggregate retained andmethodqualified.

EightCapitalInc. direct1,044,704,430 versusdepository195,144,130 are distinct originalregister disclosures; nominees do not proveultimatebeneficialownership. EightCapitalTrustees andTMF deemed interests overlap directholding throughtrustchain. InfiniteCapital/KingFortune/Butterfield chain similarly overlaps; do not sum.

EightCapital discretionary family trust beneficiaries include CiliandraFangiono andFangZhixiang, but original states proportionate interest of each beneficiary cannotbe determined. No individual ownershippercentage invented.

Eight Capital Inc.

Direct interest: 1,044,704,430 shares (67.49%); deemed interest: –

Eight Capital Trustees Pte Ltd

Deemed interest: 1,044,704,430 shares (67.49%); direct interest: –

TMF Trustees Singapore Limited

Deemed interest: 1,044,704,430 shares (67.49%); direct interest: –

Infinite Capital Fund Limited

Direct interest: 90,000,000 shares (5.81%); deemed interest: –

King Fortune International Inc.

Deemed interest: 90,000,000 shares (5.81%); direct interest: –

Butterfield Trust (Asia) Limited

Deemed interest: 90,000,000 shares (5.81%); direct interest: –

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. PDF p. 148

Registered holderInterestShares / unitsSource
Citibank Nominees Singapore Pte Ltd50.81%786,526,843PDF p. 148
Eight Capital Inc.12.61%195,144,130PDF p. 148
HSBC (Singapore) Nominees Pte Ltd9.99%154,724,601PDF p. 148
Raffles Nominees (Pte.) Limited9.56%147,916,037PDF p. 148
DB Nominees (Singapore) Pte Ltd5.85%90,548,004PDF p. 148
BPSS Nominees Singapore (Pte.) Ltd.2.85%44,131,814PDF p. 148
DBS Nominees (Private) Limited2.61%40,468,808PDF p. 148
DBSN Services Pte. Ltd.1.94%30,103,437PDF p. 148
CGS International Securities Singapore Pte. Ltd.0.66%10,157,100PDF p. 148
OCBC Securities Private Limited0.36%5,516,300PDF p. 148
Morgan Stanley Asia (Singapore) Securities Pte Ltd0.20%3,027,318PDF p. 148
Phillip Securities Pte Ltd0.19%2,886,343PDF p. 148
DBS Vickers Securities (Singapore) Pte Ltd0.18%2,765,600PDF p. 148
Lim & Tan Securities Pte Ltd0.14%2,239,900PDF p. 148
ABN AMRO Clearing Bank N.V.0.14%2,131,400PDF p. 148
Merrill Lynch (Singapore) Pte. Ltd.0.09%1,350,511PDF p. 148
Kong Kok Choy0.08%1,200,000PDF p. 148
iFAST Financial Pte. Ltd.0.07%1,066,005PDF p. 148
Tay Boon Huat0.06%925,000PDF p. 148
UOB Kay Hian Private Limited0.05%808,600PDF p. 148

Group structure

Main operating subsidiaries

Note 1(b) lists 5 direct and 47 indirect subsidiaries. Percentages are effective Group equity interests, rather than immediate-parent shareholdings. Comparative dashes are preserved. The non-operating PT Indo Manis Lestari remains included.

PT ANJ and its subsidiaries, and PT Masuba Citra Mandiri, were acquired during 2025. PT Permata Putera Mandiri and PT Putera Manunggal Perkasa were disposed of during 2025 and are excluded from the year-end list (Note 17(e)).

Eight Capital Inc., incorporated in the British Virgin Islands, is the immediate and ultimate holding company (Note 1(a)).

CompanyMarketOwnership interest
PT Ciliandra PerkasaPDF p. 67 Indonesia; Oil palm plantation and palm oil processing; held by First Resources Limited; effective Group equity interest FY2025: 95.51%; FY2024: 95.51%; direct subsidiary
PT Borneo Ketapang PermaiPDF p. 67 Indonesia; Oil palm plantation; held by First Resources Limited; effective Group equity interest FY2025: 99.70%; FY2024: 99.72%; direct subsidiary
First Resources Trading Pte. Ltd.PDF p. 67 Singapore; Marketing and distribution of palm oil products; held by First Resources Limited; effective Group equity interest FY2025: 100.00%; FY2024: 100.00%; direct subsidiary
Lynhurst Investment Pte. Ltd.PDF p. 67 Singapore; Investment holding; held by First Resources Limited; effective Group equity interest FY2025: 100.00%; FY2024: 100.00%; direct subsidiary
PT Austindo Nusantara Jaya Tbk.PDF p. 67 Indonesia; Investment holding; held by First Resources Limited; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); direct subsidiary
PT Adhitya SerayakoritaPDF p. 68 Indonesia; Palm oil refining and palm kernel crushing; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 91.45%; FY2024: 92.84%; indirect subsidiary
PT Pancasurya AgrindoPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 93.97%; FY2024: 94.49%; indirect subsidiary
PT Surya Intisari RayaPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.50%; FY2024: 95.50%; indirect subsidiary
PT Perdana Intisawit PerkasaPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.50%; FY2024: 95.50%; indirect subsidiary
PT Bumi Sawit PerkasaPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.44%; FY2024: 95.44%; indirect subsidiary
PT Priatama RiauPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.46%; FY2024: 95.46%; indirect subsidiary
PT Surya Dumai AgrindoPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.50%; FY2024: 95.50%; indirect subsidiary
PT Pancasurya GardenPDF p. 68 Indonesia; Oil palm seed breeding; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 95.50%; FY2024: 95.50%; indirect subsidiary
PT Meridan Sejatisurya PlantationPDF p. 68 Indonesia; Oil palm plantation; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 90.73%; FY2024: 90.73%; indirect subsidiary
PT Matthew Air NusantaraPDF p. 68 Indonesia; Aircraft ownership and management; held by PT Ciliandra Perkasa; effective Group equity interest FY2025: 94.60%; FY2024: 94.87%; indirect subsidiary
PT Pancasurya BinasejahteraPDF p. 68 Indonesia; Investment holding; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.97%; FY2024: 94.49%; indirect subsidiary
PT Muriniwood Indah IndustryPDF p. 68 Indonesia; Oil palm plantation; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.97%; FY2024: 94.49%; indirect subsidiary
PT Kalimantan Green PersadaPDF p. 68 Indonesia; Investment holding; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Gerbang Sawit IndahPDF p. 68 Indonesia; Oil palm plantation; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Setia Agrindo JayaPDF p. 69 Indonesia; Investment holding; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.74%; FY2024: 94.27%; indirect subsidiary
PT Karya Tama Bakti MuliaPDF p. 69 Indonesia; Oil palm plantation; held by PT Pancasurya Agrindo; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Subur ArummakmurPDF p. 69 Indonesia; Oil palm plantation; held by PT Pancasurya Binasejahtera; effective Group equity interest FY2025: 93.97%; FY2024: 94.49%; indirect subsidiary
PT Arindo TrisejahteraPDF p. 69 Indonesia; Oil palm plantation; held by PT Pancasurya Binasejahtera; effective Group equity interest FY2025: 93.97%; FY2024: 94.49%; indirect subsidiary
PT Masuba Citra MandiriPDF p. 69 Indonesia; Oil palm plantation; held by PT Pancasurya Binasejahtera; effective Group equity interest FY2025: 93.97%; FY2024: – (not held in comparative year); indirect subsidiary
PT Limpah SejahteraPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 99.03%; FY2024: 99.08%; indirect subsidiary
PT Mitra Karya SentosaPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 99.20%; FY2024: 99.25%; indirect subsidiary
PT Umekah SaripratamaPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 98.74%; FY2024: 98.80%; indirect subsidiary
PT Pulau Tiga Lestari JayaPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 98.97%; FY2024: 99.04%; indirect subsidiary
PT Falcon Agri PersadaPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 99.54%; FY2024: 99.58%; indirect subsidiary
PT Swadaya Mukti PrakarsaPDF p. 69 Indonesia; Oil palm plantation; held by PT Borneo Ketapang Permai; effective Group equity interest FY2025: 99.41%; FY2024: 99.46%; indirect subsidiary
PT Ketapang Agro LestariPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Borneopersada Energy JayaPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Borneosurya Mining JayaPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Borneo Damai LestariPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Citra Agro KencanaPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Borneopersada Prima JayaPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Maha Karya BersamaPDF p. 70 Indonesia; Oil palm plantation; held by PT Kalimantan Green Persada; effective Group equity interest FY2025: 93.96%; FY2024: 94.49%; indirect subsidiary
PT Citra Palma KencanaPDF p. 70 Indonesia; Oil palm plantation; held by PT Setia Agrindo Jaya; effective Group equity interest FY2025: 93.73%; FY2024: 94.26%; indirect subsidiary
PT Indo Manis LestariPDF p. 70 Indonesia; Non-operating; held by PT Setia Agrindo Jaya; effective Group equity interest FY2025: 93.73%; FY2024: 94.26%; indirect subsidiary
PT Indogreen Jaya AbadiPDF p. 70 Indonesia; Oil palm plantation; held by PT Setia Agrindo Jaya; effective Group equity interest FY2025: 93.73%; FY2024: 94.26%; indirect subsidiary
PT Setia Agrindo LestariPDF p. 70 Indonesia; Oil palm plantation; held by PT Setia Agrindo Jaya; effective Group equity interest FY2025: 93.73%; FY2024: 94.26%; indirect subsidiary
PT Setia Agrindo MandiriPDF p. 70 Indonesia; Oil palm plantation; held by PT Setia Agrindo Jaya; effective Group equity interest FY2025: 93.73%; FY2024: 94.26%; indirect subsidiary
PT Austindo Nusantara Jaya AgriPDF p. 71 Indonesia; Oil palm plantation; held by PT Austindo Nusantara Jaya Tbk.; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT ANJ Agri PapuaPDF p. 71 Indonesia; Sago plantation; held by PT Austindo Nusantara Jaya Tbk.; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT Gading Mas Indonesia TeguhPDF p. 71 Indonesia; Edamame plantation; held by PT Austindo Nusantara Jaya Tbk.; effective Group equity interest FY2025: 78.60%; FY2024: – (not held in comparative year); indirect subsidiary
PT Austindo Nusantara Jaya BogaPDF p. 71 Indonesia; Consumer products; held by PT Austindo Nusantara Jaya Tbk.; effective Group equity interest FY2025: 98.24%; FY2024: – (not held in comparative year); indirect subsidiary
PT Austindo Aufwind New EnergyPDF p. 71 Indonesia; Renewable Energy; held by PT Austindo Nusantara Jaya Tbk.; effective Group equity interest FY2025: 97.48%; FY2024: – (not held in comparative year); indirect subsidiary
PT Austindo Nusantara Jaya Agri SiaisPDF p. 71 Indonesia; Oil palm plantation; held by PT Austindo Nusantara Jaya Agri; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT Sahabat Mewah dan MakmurPDF p. 71 Indonesia; Oil palm plantation; held by PT Austindo Nusantara Jaya Agri; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT Kayung Agro LestariPDF p. 71 Indonesia; Oil palm plantation; held by PT Austindo Nusantara Jaya Agri; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT Galempa Sejahtera BersamaPDF p. 71 Indonesia; Oil palm plantation; held by PT Austindo Nusantara Jaya Agri; effective Group equity interest FY2025: 98.25%; FY2024: – (not held in comparative year); indirect subsidiary
PT Lestari Sagu PapuaPDF p. 71 Indonesia; Sago plantation; held by PT ANJ Agri Papua; effective Group equity interest FY2025: 50.11%; FY2024: – (not held in comparative year); indirect subsidiary

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

ItemValuePeriod / scopeSource
CILIANDRA FANGIONO Executive Director and Chief Executive Officer PDF p. 23
FANG ZHIXIANG Executive Director and Deputy Chief Executive Officer PDF p. 23

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

Shareholding statistics

Share capital & shareholders

Share capital

ItemValuePeriod / scopeSource
Number of issued shares 1,584,072,969 shares Total issued shares incl. treasury · As at 2026-03-13 PDF p. 148
Number of issued shares (excluding treasury shares) 1,548,040,769 shares Excluding treasury shares · As at 2026-03-13 PDF p. 148
Class of shares Ordinary share As at 2026-03-13 PDF p. 148
Voting rights One vote per share As at 2026-03-13 PDF p. 148

Treasury shares

ItemValuePeriod / scopeSource
Number/percentage of treasury shares held against the total number of issued shares (excluding treasury shares) 36,032,200 (2.33%) Percentage against issued shares excluding treasury shares · As at 2026-03-13 PDF p. 148
subsidiary holdings The Company does not have any subsidiary holdings as at 13 March 2026. As at 2026-03-13 PDF p. 148

Shareholding distribution

ItemValuePeriod / scopeSource
1 – 99 10 holders; 0.57%; 243 shares; 0.00% Size of shareholdings · As at 2026-03-13 PDF p. 148
100 – 1,000 249 holders; 14.15%; 212,500 shares; 0.01% Size of shareholdings · As at 2026-03-13 PDF p. 148
1,001 – 10,000 1,112 holders; 63.18%; 5,653,549 shares; 0.37% Size of shareholdings · As at 2026-03-13 PDF p. 148
10,001 – 1,000,000 371 holders; 21.08%; 20,270,326 shares; 1.31% Size of shareholdings · As at 2026-03-13 PDF p. 148
1,000,001 and above 18 holders; 1.02%; 1,521,904,151 shares; 98.31% Size of shareholdings · As at 2026-03-13 PDF p. 148
Total 1,760 holders; 100.00%; 1,548,040,769 shares; 100.00% Size of shareholdings · As at 2026-03-13 PDF p. 148

Free float

ItemValuePeriod / scopeSource
PERCENTAGE OF SHARES HELD BY THE PUBLIC Approximately 26.70% of the Company’s shares are held in the hands of public. PDF p. 149
Rule 723 compliance Accordingly, the Company has complied with Rule 723 of the Listing Manual of the SGX-ST. PDF p. 149

Extracted from First Resources Limited 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

ItemValuePeriod / scopeSource
PT Fajar Niaga Berjaya 12,236 US$'000 Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920); FY2025 PDF p. 47
PT Keramic Santika Intisari 7,602 US$'000 Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920); FY2025 PDF p. 47
PT Borneo Bhakti Sejahtera 30,435 US$'000 Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000); FY2025 PDF p. 47
PT Riau Agung Karya Abadi 13,861 US$'000 Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920; FY2025 PDF p. 47

Contingent liabilities

ItemValuePeriod / scopeSource
Contingent liabilities US$29.0 million (2024: US$8.9 million) Company; 31 December 2025 · As at 2025-12-31 PDF p. 130
Contingent liabilities US$88.8 million (2024: US$100.8 million) Certain subsidiaries (Group); 31 December 2025 · As at 2025-12-31 PDF p. 130

Director remuneration

ItemValuePeriod / scopeSource
Total S$651,000 Non-Executive Directors' fees proposed for FY2025 (FY2024 paid in 2025: S$585,000) PDF p. 37
Ciliandra Fangiono (CEO) S$1,770,000 Total remuneration paid in year ended 31 December 2025; fixed 48%, variable 52% PDF p. 37
Fang Zhixiang (Deputy CEO) S$1,407,000 Total remuneration paid in year ended 31 December 2025; fixed 48%, variable 52% PDF p. 37

Subsequent events

ItemValuePeriod / scopeSource
EVENTS AFTER THE REPORTING PERIOD On 25 February 2026, it was announced that the Group had disposed of its entire equity interest in PT Galempa Sejahtera Bersam (“PT GSB”), being an indirect subsidiary of PT ANJ, for cash proceeds of IDR 42.00 billion (approximately US$2.5 million). Group · As at 2026-02-25 PDF p. 147

Outlook

ItemValuePeriod / scopeSource
INVESTMENTS IN 2026 We have earmarked approximately US$185 million for capital investments in FY2026. Group; FY2026 PDF p. 16

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

Source: First Resources Limited Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In
SINGAPORE
Incorporated On
09 Dec 2004
Telephone
65 6602 0200
Fax
65 6333 6711
Registered Office
8 Temasek
Boulevard, #41-02
Suntec Tower Three
Singapore 038988
Secretary
Lai Kuan Loong Victor
Registrar / Transfer Agent
BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
Registrar Address
1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632
Auditors
ERNST & YOUNG LLP
Other Stock Exchange Listings
*SINGAPORE EXCHANGE LTD.
Country
SINGAPORE
Security Type
stocks