George Yeo adds 100,000 Wilmar shares at S$2.97 apiece, taking stake to over 1 million shares
Shares of Wilmar are down by more than 14% over the past month
Former Singapore minister George Yeo has increased his stake in Wilmar International by purchasing 100,000 shares at S$2.97 each on November 4, raising his shareholding to over 1 million shares. The agri-business company, which holds oil palm concessions in Indonesia, has seen its shares decline by more than 14% in the past month.
Wilmar International, an entity controlled by the Kuok family of Malaysia, was among 10 Singapore-registered firms notified by the National Environment Agency on October 23 to provide documents and information related to their corporate connections, land holdings in Indonesia, and fire prevention measures due to worsening transboundary haze affecting the region.
The company's CEO, Kuok Khoon Hong, was summoned by the government for a closed-door meeting on October 29, following amendments to the haze law passed in Parliament on November 4. Wilmar has agreed to engage Control Risks Group as an assessor to evaluate potential involvement in the Indonesian fires contributing to the haze impacting Singapore and Malaysia, while also submitting its first batch of requested documents to the National Environment Agency on October 31.
The company had previously sold fertilizers and diesel to six of the 10 companies linked to the haze, earning around US$22.5 million (S$28.8 million) during the 2025 financial year. Yeo joined Wilmar's board in April 2024 and previously held executive positions within the Kerry Group of companies.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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