Chang See Hiang
Chairman and Independent Director; Nominating Committee Chairman
The business, the people and the ownership behind First Resources.
Business overview
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.
Listed security
Board & management
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.
Chairman and Independent Director; Nominating Committee Chairman
Executive Director and Chief Executive Officer
Executive Director and Deputy Chief Executive Officer
Independent Director; Audit Committee Chairman
Independent Director; Remuneration Committee Chairman
Independent Director
Independent Director
Non-Executive Non-Independent Director
8 Temasek Boulevard #41-02 Suntec Tower Three, Singapore 038988
+65 6602 0200
+65 6333 6711
200415931M
Singapore, 9 December 2004
Victor Lai Kuan Loong
Ernst & Young LLP; One Raffles Quay, North Tower, Level 18, Singapore 048583
Vincent Toong; appointed since financial year ended 31 December 2022
Boardroom Corporate & Advisory Services Pte. Ltd.; 1 Harbourfront Avenue #14-07 Keppel Bay Tower, Singapore 098632
+65 6536 5355
+65 6536 1360
www.first-resources.com
Roles listed in First Resources Limited Annual Report 2025; current appointments are not independently verified.
Holdings
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.
Direct interest: 1,044,704,430 shares (67.49%); deemed interest: –
Deemed interest: 1,044,704,430 shares (67.49%); direct interest: –
Deemed interest: 1,044,704,430 shares (67.49%); direct interest: –
Direct interest: 90,000,000 shares (5.81%); deemed interest: –
Deemed interest: 90,000,000 shares (5.81%); direct interest: –
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 holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. PDF p. 148
| Registered holder | Interest | Shares / units | Source |
|---|---|---|---|
| Citibank Nominees Singapore Pte Ltd | 50.81% | 786,526,843 | PDF p. 148 |
| Eight Capital Inc. | 12.61% | 195,144,130 | PDF p. 148 |
| HSBC (Singapore) Nominees Pte Ltd | 9.99% | 154,724,601 | PDF p. 148 |
| Raffles Nominees (Pte.) Limited | 9.56% | 147,916,037 | PDF p. 148 |
| DB Nominees (Singapore) Pte Ltd | 5.85% | 90,548,004 | PDF p. 148 |
| BPSS Nominees Singapore (Pte.) Ltd. | 2.85% | 44,131,814 | PDF p. 148 |
| DBS Nominees (Private) Limited | 2.61% | 40,468,808 | PDF p. 148 |
| DBSN Services Pte. Ltd. | 1.94% | 30,103,437 | PDF p. 148 |
| CGS International Securities Singapore Pte. Ltd. | 0.66% | 10,157,100 | PDF p. 148 |
| OCBC Securities Private Limited | 0.36% | 5,516,300 | PDF p. 148 |
| Morgan Stanley Asia (Singapore) Securities Pte Ltd | 0.20% | 3,027,318 | PDF p. 148 |
| Phillip Securities Pte Ltd | 0.19% | 2,886,343 | PDF p. 148 |
| DBS Vickers Securities (Singapore) Pte Ltd | 0.18% | 2,765,600 | PDF p. 148 |
| Lim & Tan Securities Pte Ltd | 0.14% | 2,239,900 | PDF p. 148 |
| ABN AMRO Clearing Bank N.V. | 0.14% | 2,131,400 | PDF p. 148 |
| Merrill Lynch (Singapore) Pte. Ltd. | 0.09% | 1,350,511 | PDF p. 148 |
| Kong Kok Choy | 0.08% | 1,200,000 | PDF p. 148 |
| iFAST Financial Pte. Ltd. | 0.07% | 1,066,005 | PDF p. 148 |
| Tay Boon Huat | 0.06% | 925,000 | PDF p. 148 |
| UOB Kay Hian Private Limited | 0.05% | 808,600 | PDF p. 148 |
Group structure
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)).
| Company | Market | Ownership 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
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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.
Related parties, people & properties
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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.
Corporate information