Ownership structure

Golden Agri-Resources (GAR) operates under an independent shareholding structure. The Widjaja Family Master Trust(2) holds just over 50 percent of shares through Flambo International Ltd and the remaining shares are under public ownership.


Corporate structure

The chart below shows a simplified version of GAR’s corporate structure and lists our principle operating subsidiaries.

GAR corporate structure

Substantial shareholders

As at 14 May 2024

Name Direct Interest Percentage
% (1)
Deemed Interest Percentage
% (1)
Total Percentage (Direct and Deemed Interest)
Ascent Wealth Investment Limited ("Ascent") 2,100,000,000 16.56 -- -- 16.56
Massingham International Ltd (“MIL”) 982,197,897 7.74 -- -- 7.74
Golden Moment Limited (“Golden Moment”) 3,070,000,000 24.21 -- -- 24.21
Flambo International Limited (“Flambo”)(2) 260,000,000 2.05 6,152,197,897 48.51 50.56
The Widjaja Family Master Trust(2) ("WFMT(2)")(3) -- -- 6,412,197,897 50.56 50.56
Silchester International Investors LLP ("SII")(4) -- -- 1,389,641,800 10.96 10.96
Kopernik Global Investors, LLC ("KGI") (5) -- -- 688,018,000 5.43 5.43

As at 14 May 2024


  1. Percentage is calculated based on 12,681,673,056 issued shares (excluding treasury shares and subsidiary holdings) as at 8 March 2024.
  2. The deemed interest of Flambo arises from its interest in 1,050,000,000 shares, 2,032,197,897 shares and 3,070,000,000 shares held by its wholly-owned subsidiaries, Ascent, MIL and Golden Moment respectively in the Company.
  3. The deemed interest of WFMT(2) arises from its interest in 1,050,000,000 shares held by Ascent, 2,032,197,897 shares held by MIL, 3,070,000,000 shares held by Golden Moment and 260,000,000 shares held by Flambo in the Company.
  4. The deemed interest of SII, based on the last notification to the Company on 1 November 2022, arises from its acting as the fully discretionary investment manager for a number of commingled funds.
  5. Based on the last notifications to the Company on 14 June 2023, KGI has a deemed interest in the shares in the Company as it has discretionary power in the disposal rights over the shares as an investment adviser.


Capital history

Month and Year Issued and Fully Paid-up Capital Remarks
No of Shares Par Value (US$) Total Amount (US$ ‘000)
In March 2022, the Company acquired 10,400,000 of its own shares in the open markets. These shares are held as treasury shares.
In March 2020, the Company acquired 42,683,100 of its own shares in the open markets. These shares are held as treasury shares.
During 2015, the Company acquired an aggregate of 102,792,400 of its own shares in the open market. These shares are held as treasury shares
Jul 2012 12,837,548,556 0.025 320,939 Allotment and issue of 698,871,614 new ordinary shares of par value US$0.025 each pursuant to the exercise of warrants eW120723, each carrying the right to subscribe for one (1) New Share at an exercise price of S$0.54 for each New Share
Jul 2009 12,138,676,942 0.025 303,467 1,763,739,384 Rights Shares of US$0.025 each were allotted and issued. In addition to that, 705,493,728 Warrants were also allotted and issued.
Apr 2009 10,374,937,558 0.025 259,373 Bonus issue of 399,033,766 new shares of US$0.025 each on the basis of one Bonus Share for every 25 existing shares held
Feb 2008 9,975,903,792 0.025 249,397 Share split (1 to 2 shares)
Sep 2007 4,987,951,896 0.05 249,397 Share split (1 to 2 shares)
Apr 2007 2,493,975,948 0.1 249,397 325,300,000 new shares of US$0.1 each were alloted and issued by placement
Dec 2006 2,168,675,948 0.1 216,867 Since IPO in 1999

Note: Concept of authorised share capital abolished pursuant to the Companies Act 2001 of Mauritius and shareholders approval in April 2008 for the adoption of the new constitution of the Company.

Contact our Investor Relations team here

Contact our Investor
Relations team here