Delfi P34

SGD 0.65 -3.85% -0.03 Updated 13 Nov 2026, 17:16 SGT

Company profile

The business, the people and the ownership behind Delfi.

Business overview

About the company

Delfi operates in the chocolate and confectionery industry. Its business is supported by cocoa sourcing and chocolate-related production and marketing activities across its operating markets.

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

Listed security

Company & listing

Full Company Name: DELFI LIMITED
Trading Currency: SGD
Website: www.delfilimited.com
Listing: Listed on 5 November 2004 on SGX Mainboard
ISIN Code: SG1Q25921608

Board & management

Leadership

As reported at 2025-12-31

Leadership follows the FY2025 annual-report snapshot. The AGM notice states that Doreswamy Nandkishore will step down and Pedro Mata-Bruckmann will retire at the 28 April 2026 AGM; these historical roles are not asserted as current after that date.

Ferry Haryanto retired from PT Nirwana Lestari effective 31 December 2025; his historical biography is retained in source evidence and excluded from the current key-management list.

Doreswamy Nandkishore

Chairman and Independent Director; annual-report snapshot

PDF p. 14 As reported at 2025-12-31

John Chuang Tiong Choon

Executive Director and Group Chief Executive Officer

PDF p. 15 As reported at 2025-12-31

Graham Nicholas Lee

Independent Director

PDF p. 16 As reported at 2025-12-31

Lee Meng Tat

Independent Director

PDF p. 17 As reported at 2025-12-31

Chin Koon Yew

Independent Director

PDF p. 18 As reported at 2025-12-31

Lim Seok Bee

Independent Director

PDF p. 19 As reported at 2025-12-31

Pedro Mata-Bruckmann

Non-Executive Non-Independent Director; annual-report snapshot

PDF p. 20 As reported at 2025-12-31

Joseph Chuang Tiong Liep

Executive Director and Group Chief Growth and Marketing Officer

PDF p. 21 As reported at 2025-12-31

William Chuang Tiong Kie

Executive Director and Business Development Director

PDF p. 22 As reported at 2025-12-31

Richard Jeffrey Chung Ting Tshung

Group Chief Financial Officer

PDF p. 24 As reported at 2025-12-31

Tan Chay Kee

Group Chief Operating Officer

PDF p. 24 As reported at 2025-12-31

Amos Moses Yang

Director Business Strategy, CEO office

PDF p. 25 As reported at 2025-12-31

Nancy Florencia

President Director and Finance Director, PT Perusahaan Industri Ceres

PDF p. 25 As reported at 2025-12-31

Registered office

111 Somerset Road, #16-12 TripleOne Somerset, Singapore 238164

PDF p. 23

Corporate website

www.delfilimited.com

PDF p. 23

Investor relations contact

Anthony Casale

PDF p. 23

Investor relations email

[email protected]

PDF p. 23

Auditor

PricewaterhouseCoopers LLP; 7 Straits View, Marina One East Tower, Level 12, Singapore 018936

PDF p. 23

Auditor partner-in-charge

Theresa Sim May Ling

PDF p. 23

Company secretary — Lee Wei Hsiung

ACS, ACG

PDF p. 23

Company secretary — Cheok Hui Yee

ACS, ACG

PDF p. 23

Share registrar

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

PDF p. 23

Principal bankers

DBS Bank Ltd; Malayan Banking Berhad; PT Bank Central Asia Tbk; United Overseas Bank Limited; Banco De Oro

PDF p. 23

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

Holdings

Ownership

As reported at 2026-03-16 · PDF p. 180

Shareholder snapshot is 16 March 2026: 611,157,000 ordinary/voting shares, no treasury or subsidiary holdings. Top20 registered holders total 565,486,518 shares. The report prints an aggregate 92.51%, while the share-count denominator recalculates to 92.53%; the printed figure is retained with this qualification; public float approximately 35.44%. Nominee accounts do not identify beneficial owners.

Direct and deemed interests overlap through family, trust and holding-company relationships and must not be added across substantial shareholders. Three-decimal percentages are retained where printed.

The dated shareholder register and shareholder-mandate appendix consistently identify Butterfield Trust (Asia) Limited as trustee. This table uses the explicitly dated 16 March 2026 register.

Lim Mee Len

Direct interest: – · – shares; Deemed interest: 52.25% · 319,326,500 shares

John Chuang

Direct interest: 0.04% · 220,800 shares; Deemed interest: 52.31% · 319,710,500 shares

David Chuang Koong Wey

Direct interest: – · – shares; Deemed interest: 52.00% · 317,823,100 shares

Butterfield Trust (Asia) Limited (BTAL)

Direct interest: – · – shares; Deemed interest: 51.99% · 317,723,100 shares

Aerodrome International Limited (Aerodrome)

Direct interest: – · – shares; Deemed interest: 51.99% · 317,723,100 shares

Joseph Chuang

Direct interest: 0.044% · 270,800 shares; Deemed interest: 50.81% · 310,511,000 shares

Maplegold Assets Limited (Maplegold)

Direct interest: – · – shares; Deemed interest: 50.75% · 310,191,000 shares

Berlian Enterprises Limited (Berlian)

Direct interest: – · – shares; Deemed interest: 50.75% · 310,191,000 shares

Springbright Investments Limited (Springbright)

Direct interest: – · – shares; Deemed interest: 48.01% · 293,414,000 shares

First Pacific Advisors, LP (FPALP)

Direct interest: 5.984% · 36,571,310 shares; Deemed interest: – · – shares

Steven T. Romick

Direct interest: – · – shares; Deemed interest: 5.984% · 36,571,310 shares

J. Richard Atwood

Direct interest: – · – shares; Deemed interest: 5.984% · 36,571,310 shares

FPA GP, Inc. (FGI)

Direct interest: – · – shares; Deemed interest: 5.984% · 36,571,310 shares

FMR LLC (FMR)

Direct interest: – · – shares; Deemed interest: 5.015% · 30,649,799 shares

Abigail P. Johnson

Direct interest: – · – shares; Deemed interest: 5.015% · 30,649,799 shares

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 2026-03-16 · PDF p. 179

Registered holder	Interest	Shares / units	Source
Citibank Nominees Singapore Pte Ltd	65.10%	397,861,220	PDF p. 1792026-03-16
DBS Nominees (Private) Limited	6.73%	41,130,768	PDF p. 1792026-03-16
Raffles Nominees (Pte.) Limited	5.18%	31,639,483	PDF p. 1792026-03-16
HSBC (Singapore) Nominees Pte Ltd	4.56%	27,863,188	PDF p. 1792026-03-16
ABN Amro Clearing Bank N.V.	2.28%	13,952,669	PDF p. 1792026-03-16
DBSN Services Pte. Ltd.	1.20%	7,361,333	PDF p. 1792026-03-16
Morgan Stanley Asia (Singapore) Securities Pte Ltd	1.15%	7,038,200	PDF p. 1792026-03-16
Phillip Securities Pte Ltd	1.11%	6,779,805	PDF p. 1792026-03-16
McKeeson Investments Pte Ltd	0.98%	6,000,000	PDF p. 1792026-03-16
IFAST Financial Pte. Ltd.	0.60%	3,654,950	PDF p. 1792026-03-16
Maybank Securities Pte. Ltd.	0.53%	3,225,300	PDF p. 1792026-03-16
OCBC Securities Private Limited	0.51%	3,142,501	PDF p. 1792026-03-16
Chuang Yok Hoa @ Ma Lin Zi	0.45%	2,780,000	PDF p. 1792026-03-16
CGS International Securities Singapore Pte. Ltd.	0.33%	2,046,501	PDF p. 1792026-03-16
Ong Wai Meng	0.33%	2,000,000	PDF p. 1792026-03-16
UOB Kay Hian Private Limited	0.32%	1,984,400	PDF p. 1792026-03-16
DBS Vickers Securities (Singapore) Pte Ltd	0.32%	1,927,800	PDF p. 1792026-03-16
OCBC Nominees Singapore Private Limited	0.29%	1,750,400	PDF p. 1792026-03-16
Chin Lai Seng	0.28%	1,732,300	PDF p. 1792026-03-16
Asdew Acquisitions Pte Ltd	0.26%	1,615,700	PDF p. 1792026-03-16

Group structure

Main operating subsidiaries

As reported at 2025-12-31

Subsidiary table records legal holding routes. PT Perusahaan Industri Ceres, PT General Food Industries and PT Nirwana Lestari each have a direct holding plus a minority holding through wholly owned McKeeson; these reconcile to 100% effective Group ownership, and duplicate routes are merged.

Delfi Yuraku is a 60%-owned joint venture rather than a subsidiary because unanimous board consent is required. PT Delfi Yuraku Indonesia is disclosed under joint ventures; its 99.9% immediate legal holding is not the effective Group percentage, which the report explicitly states as 60% including a separate 0.1% holding.

Company	Market	Ownership interest
McKeeson Consultants Private LimitedPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Singapore. Management consultants.
PT Perusahaan Industri CeresPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Indonesia. Investment holding and manufacture/marketing of chocolate confectionery; 99.988% direct plus 0.012% through McKeeson.
PT General Food IndustriesPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Indonesia. Dormant; 99.936% direct plus 0.064% through McKeeson.
PT Nirwana LestariPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Indonesia. Marketing/distribution of chocolate confectionery and other consumer products; 99.862% direct plus 0.138% through McKeeson.
Ceres Sime Confectionery Sdn BhdPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Malaysia. Investment holding.
Cocoa Specialities, Inc.PDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Philippines. Administrative services.
Delfi Chocolate Manufacturing S.A.PDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Switzerland. Administrative services.
Delfi Cocoa Investments SAPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Switzerland. Investment holding.
Delfi Marketing Sdn BhdPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Malaysia. Marketing/distribution of healthcare and other consumer products.
Delfi Foods, Inc.PDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Philippines. Manufacture of chocolate confectionery.
Delfi Marketing, Inc.PDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Philippines. Marketing/distribution of chocolate confectionery and other consumer products.
Nutritional Goodness S.A.PDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Switzerland. Administrative services.
Brands of Hudsons Sdn BhdPDF p. 123	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Malaysia. Marketing of consumer confectionery; held through Ceres Sime Confectionery Sdn Bhd.
Ceres (International) Marketing Pte LtdPDF p. 124	Effective Group equity interest: FY2025 100% / FY2024 100%. Country of business: Singapore. Marketing of consumer confectionery; held through PT Perusahaan Industri Ceres.
Alsa Industries, Inc.PDF p. 125	Equity interest FY2025 40.0% / FY2024 40.0%; held through Delfi Foods, Inc.; Philippines; leasing of property. Investment fully impaired; unrecognised losses are disclosed in the report.
Delfi-Orion Pte LtdPDF p. 126	Equity interest FY2025 50.0% / FY2024 50.0%; held by the Company. Singapore; development, marketing and sale of branded confectionery. Joint venture because board matters require unanimous consent.
Delfi Yuraku Pte LtdPDF p. 126	Equity interest FY2025 60.0% / FY2024 60.0%; held by the Company. Singapore; investment holding. Joint venture because board matters require unanimous consent.
PT Delfi Yuraku IndonesiaPDF p. 126	Effective Group interest FY2025 60% / FY2024 60%; held through Delfi Yuraku Pte Ltd (legal interest 99.9%), with another 0.1% held by PT Perusahaan Industri Ceres. Indonesia; manufacture, sale and marketing of chocolate snacks.

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

Senior executives

Key management

Item	Value	Period / scope	Source
Richard Jeffrey Chung Ting Tshung	Group Chief Financial Officer	Key management	PDF p. 24
Tan Chay Kee	Group Chief Operating Officer	Key management	PDF p. 24
Amos Moses Yang	Director (Business Strategy); (CEO’s Office)	Key management	PDF p. 25
Nancy Florencia	President Director; PT Perusahaan Industri Ceres	Key management	PDF p. 25
Ferry Haryanto	President Director; PT Nirwana Lestari	Key management	PDF p. 25

Extracted from Delfi Limited 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
Total number of ordinary shares	611,157,000 shares	Company, as at 16 March 2026 · As at 2026-03-16	PDF p. 179
Total number of voting shares	611,157,000 shares	Company, as at 16 March 2026 · As at 2026-03-16	PDF p. 179
Class of shares	Ordinary shares	Company · As at 2026-03-16	PDF p. 179
Voting rights	1 vote per ordinary share	Company · As at 2026-03-16	PDF p. 179

Treasury shares

Item	Value	Period / scope	Source
Total number of treasury shares held	Nil	Company, as at 16 March 2026 · As at 2026-03-16	PDF p. 179
Total number of subsidiary holdings held	Nil	Company, as at 16 March 2026 · As at 2026-03-16	PDF p. 179

Shareholding distribution

Item	Value	Period / scope	Source
Total (Analysis of Shareholdings)	1,428 100.00 611,157,000 100.00	Total, all size bands · As at 2026-03-16	PDF p. 179
1 – 99	14 0.98 165 0.00	Size band; columns: No. of Shareholders, %, No. of Shares, % · As at 2026-03-16	PDF p. 179
100 – 1,000	167 11.69 105,700 0.02	Size band; columns: No. of Shareholders, %, No. of Shares, % · As at 2026-03-16	PDF p. 179
1,001 – 10,000	671 46.99 3,748,668 0.61	Size band; columns: No. of Shareholders, %, No. of Shares, % · As at 2026-03-16	PDF p. 179
10,001 – 1,000,000	549 38.45 33,203,283 5.43	Size band; columns: No. of Shareholders, %, No. of Shares, % · As at 2026-03-16	PDF p. 179
1,000,001 and above	27 1.89 574,099,184 93.94	Size band; columns: No. of Shareholders, %, No. of Shares, % · As at 2026-03-16	PDF p. 179

Free float

Item	Value	Period / scope	Source
Shareholdings held in hands of public	approximately 35.44%	Company, shares listed on SGX-ST · As at 2026-03-16	PDF p. 179
Shareholdings held in hands of public	the Company has complied with Rule 723 of the Listing Manual	Company · As at 2026-03-16	PDF p. 179

Extracted from Delfi 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

Item	Value	Period / scope	Source
total IPT	US$20.17 million	Group, FY2025 (2024: US$18.80 million) · As at 2025-12-31	PDF p. 177
– Purchase of products	19,203 US$'000	Group, FY2025, PT Freyabadi Indotama, under shareholders' mandate pursuant to Rule 920; nil outside mandate	PDF p. 177
– Sales of goods	77 US$'000	Group, FY2025, PT Freyabadi Indotama, under shareholders' mandate pursuant to Rule 920; nil outside mandate	PDF p. 177
– Sales of goods	884 US$'000	Group, FY2025, PT Tri Keeson Utama, under shareholders' mandate pursuant to Rule 920; nil outside mandate	PDF p. 177

Contingent liabilities

Item	Value	Period / scope	Source
Corporate guarantees – Subsidiaries	15,406 US$'000	The Company, 2025 (2024: 20,258) · As at 2025-12-31	PDF p. 141
Contingent liabilities (b)	The Company was notified by Barry Callebaut of various claims under the continuing warranties	The Company	PDF p. 141

Director remuneration

Item	Value	Period / scope	Source
Chuang Tiong Choon	2,480,877 S$	FY2025, executive director	PDF p. 173
Chuang Tiong Liep	791,468 S$	FY2025, executive director	PDF p. 173
Chuang Tiong Kie	557,793 S$	FY2025, executive director	PDF p. 173
Total	713,913 S$	FY2025 non-executive directors (FY2024: 641,812)	PDF p. 173
total remuneration paid to the top five key officers	US$2,321,000	2025 (2024: US$2,277,000)	PDF p. 174

Properties

Item	Value	Period / scope	Source
Delfi Foods, Inc.	Freehold	Barangay Parang, Marikina City, Metro Manila, Philippines; 25,296 sq m; factory, warehouse, office building	PDF p. 176
PT Nirwana Lestari	20 years from December 2008	Leasehold; 19,450 sq m; East Bekasi, West Java, Indonesia; office, warehouse	PDF p. 176

Outlook

Item	Value	Period / scope	Source
OUTLOOK	Global cocoa prices have weakened substantially from previous peaks due to expected supply recovery.	Group	PDF p. 41

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

Source: Delfi Limited Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In: SINGAPORE
Incorporated On: 22 Aug 1984
Email: [email protected]
Telephone: 65 64775600
Fax: 65 68875181
Registered Office: 111 Somerset Road
#16-12 TripleOne Somerset
Singapore 238164
Secretary: Lee Wei Hsiung
Cheok Hui Yee
Registrar / Transfer Agent: BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
Registrar Address: 1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632
Auditors: PRICEWATERHOUSECOOPERS LLP
Other Stock Exchange Listings: *SINGAPORE EXCHANGE LTD.
Country: SINGAPORE
Security Type: stocks