SINGAPORE – Former minister George Yeo has bought 100,000 shares in Wilmar International, raising his stake in the agri-business giant to just over one million shares.
Yeo, an independent director of Wilmar, acquired the shares in the open market at $2.97 each on Nov 4, according to a Singapore Exchange filing.
Shares of Wilmar, which owns oil palm concessions in Indonesia, are down by more than 14% over the past month.
Wilmar was among 10 Singapore-registered companies served notices by the National Environment Agency (NEA) on Oct 23 seeking documents and information on their corporate links, Indonesian land concessions and fire prevention and firefighting efforts, amid worsening transboundary haze which aversely affected the Republic.
Wilmar chief executive Kuok Khoon Hong was among those summoned by the Government to a closed-door meeting on Oct 29 ahead of amendments to the haze law, which was passesd in Parliament on Nov 4.
Wilmar said on Nov 2 that it had accepted NEA’s appointment of Control Risks Group as an assessor to evaluate whether the group had any involvement in or connection with the fires in Indonesia that contributed to the haze affecting Singapore and Malaysia. Dentons Rodyk & Davidson was appointed legal adviser to the assessor.
Wilmar said it would voluntarily engage both firms at its own cost and provide access to relevant information, documents, premises, personnel and sites relating to its operations, corporate relationships and supply chains.
In a separate Nov 2 statement, the company also said it had submitted the first batch of documents and information in response to an NEA notice received on Oct 23 under the Transboundary Haze Pollution Act.
It also disclosed on Oct 31 that it sold fertilisers and diesel for heavy equipment to six of the 10 companies named by NEA as being linked to the haze caused by fires in Indonesia, generating revenue of around US$22.5 million (S$28.8 million) in financial year 2025.
Yeo was appointed to Wilmar’s board in April 2024. He has also held executive roles in the Kerry group of companies. Both Wilmar and Kerry are controlled by Malaysia’s Kuok family.
