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 11 March 2021

Name Direct Interest Percentage(%)(1) Deemed Interest Percentage(%)(1) Total Percentage(%)(1)
Ascent Wealth Investment Limited ("Ascent") 1,050,000,000 8.27 -- -- 8.27
Massingham International Ltd (“MIL”) 2,032,197,897 16.01 -- -- 16.01
Golden Moment Limited (“Golden Moment”) 3,070,000,000 24.19 -- -- 24.19
Flambo International Limited (“Flambo”)(2) 260,000,000 2.05 6,152,197,897 48.47 50.52
The Widjaja Family Master Trust(2) ("WFMT(2)")(3) -- -- 6,412,197,897 50.52 50.52
Silchester International Investors LLP ("SII")(4) -- -- 1,529,796,300 12.05 12.05
Kopernik Global Investors, LLC ("KGI") (5) 636,828,400 5.02 5.02

As at 11 March 2021


  1. Percentage is calculated based on 12,692,073,056 issued shares (excluding treasury shares and subsidiary holdings) as at 11 March 2021.
  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 8 August 2018, arises from its acting as the fully discretionary investment manager for a number of commingled funds.
  5. Based on the last notification to the Company on 18 September 2020, KGI has a deemed interest in the shares as it has discretionary power in the disposal rights over shares as an investment adviser.

Based on the information available to the Company as at 11 March 2021, approximately 32.22% 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.

Capital history

Month and Year Issued and Fully Paid-up Capital Remarks
No of Shares Par Value (US$) Total Amount (US$ ‘000)
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