Latest news with #Widjaja
Business Times
4 days ago
- Business
- Business Times
Market Focus Daily: Tuesday, June 3, 2025
Asian markets mixed as traders eye possible Trump-Xi talks; Gold hovers near four-week peak on weaker US dollar, trade concerns; Widjaja family's Sinarmas Land offer closes with 98.65% resultant shareholding. Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day's market movements and news from Singapore and the region. Written and hosted by: Emily Liu (emilyliu@ Produced and edited by: Chai Pei Chieh & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Follow BT Market Focus and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents: BT Podcasts: BT Branded Podcasts: BT Lens On:
Korea Herald
30-05-2025
- Business
- Korea Herald
GAR's Sustainability Report 2024 Shows Company, Customers and Communities Growing Together with Purpose
SINGAPORE, May 30, 2025 /PRNewswire/ -- Golden Agri-Resources (GAR) today published its Sustainability Report 2024, covering a year that saw the company establish the scale and scope of its climate ambitions while continuing to deliver on core commitments to tackle deforestation, enhance traceability and promote thriving, resilient agricultural communities. GAR Chairman and Chief Executive Officer, Mr. Franky O. Widjaja, explained how the company's sustainability foundations have helped GAR to navigate a year of global challenges, from economic shifts and evolving regulatory demands to extreme weather conditions. "The world is changing, and so is the future of agribusiness," he said. "At GAR, sustainability isn't just a part of our business strategy; it is our business strategy. We believe that sustainability leadership starts with action; with choices that reflect our values and shape a better future." For the first time, GAR has published a double materiality assessment, addressing both the company's impact on environmental and social issues and how these topics may influence GAR's operations, long-term resilience, and financial performance. In addition to preparing the company for upcoming reporting requirements, this assessment validates GAR's priorities for action on sustainability. Widjaja continued: "As extreme weather and regulations intensify, investing in responsible agriculture matters more than ever. Our 2024 theme of Growing Together with Purpose reflects a year of evolution for GAR's sustainability policies and practice. Over the past year, we have set bold targets for emissions reduction by 2030 and developed a new sustainability framework, Collective for Impact, that provides a clear path forward for the next stage of our sustainability journey – a journey we're taking together with partners, suppliers and smallholders." Notable developments include: Launching Collective for Impact Since 2015, the GAR Social and Environmental Policy (GSEP) has been the foundation of the company's sustainability commitments, implemented in its own operations and across the company's palm oil supply chain in Indonesia. Now, GAR has launched a new framework, Collective for Impact, marking the next phase of its sustainability ambitions. Covering three key areas: Sourcing Responsibly, Caring for our Planet, and Empowering People, this new business strategy extends beyond GAR's Indonesian palm oil supply chain to include its entire business and value chain, operationally and geographically. Anita Neville, GAR's Chief Sustainability and Communications Officer, described how this framework builds on the company's existing initiatives to address critical areas for action. "It has never been more urgent to act on climate change, eliminate exploitation, and protect natural ecosystems," she said. "We know that what got us here will not necessarily get us where we want and need to go," she continued. " Collective for Impact strengthens our resilience, creates long-term value and builds trust to keep us ahead of global expectations. This is not just a sustainability vision; it is a business strategy that touches every part of GAR." Advancing Net Zero Commitments In 2024, GAR set bold 2030 targets to cut absolute emissions as a milestone on its pathway to net zero emissions by 2050. The company will cut Forest, Land, and Agriculture (FLAG) emissions by 30% and non-FLAG emissions by 42% from its 2022 baseline. Last year, GAR reduced Scope 1 and 2 emissions from its direct operations by 3% through continued implementation of No Deforestation, No Peat and No Exploitation (NDPE) policies, coupled with energy efficiency initiatives and increased renewable energy use. However, GAR's total emissions increased by 7% year on year, from 32.7 million tonnes of CO 2 equivalent in 2023 to 35 million tonnes in 2024, driven by a 10% increase in Scope 3 emissions. These supply chain emissions account for 79% of GAR's total carbon footprint, underscoring the critical role of ongoing supplier engagement and collecting first party emissions data; two core pillars of the company's Scope 3 reduction efforts. Leading in Transparency and Traceability GAR has continued to map its Indonesian palm oil supply chain and has now reached 99.5% Traceability to the Plantation (TTP). The company is intensifying efforts to address the final 0.5% of TTP, addressing variability within its supply chain and extending its partnerships with smallholders to implement traceability while supporting them to improve yields and livelihoods. Elsewhere, the company has successfully expanded its traceability commitments to its other commodities, implementing 100% Traceability to the Mill (TTM) for soy, sugar, sunflower and coconut globally. The company has also launched the blockchain-powered SmartTrace system, giving users a window on the full journey of a palm oil product from plantation to purchase. Together with satellite monitoring, mapping, and supplier transformation initiatives, GAR is continuing to ensure responsible production across its supply chain, helping customers to prepare for the European Union Deforestation Regulation (EUDR) and future regulations. Action for Communities GAR's Bright Future Initiative continues to help communities build better livelihoods. In 2024, the company supported 189 projects, and empowering 113 Micro, Small, and Medium Enterprises (MSMEs) with skills from farming and technology to operations training, helping them grow and reach new markets. About Golden Agri-Resources Ltd (GAR) GAR is a leading fully-integrated agribusiness company. In Indonesia, it manages an oil palm plantation area of more than 500,000 hectares (including plasma smallholders) as of 31 March 2025. It has integrated operations focused on the technology-driven production and distribution of an extensive portfolio of palm-based products throughout its established international marketing network. Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market capitalisation of US$ 2.6 billion as of 31 March 2025. Flambo International Limited, an investment company, is GAR's largest shareholder, with a 50.56% stake. In addition, GAR's subsidiary, PT SMART Tbk was listed on the Indonesia Stock Exchange in 1992. As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally. GAR's products are delivered to a diversified customer base in over 110 countries through its global distribution network with shipping and logistics capabilities, destination marketing, onshore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.
Yahoo
30-05-2025
- Business
- Yahoo
GAR's Sustainability Report 2024 Shows Company, Customers and Communities Growing Together with Purpose
SINGAPORE, May 30, 2025 /PRNewswire/ -- Golden Agri-Resources (GAR) today published its Sustainability Report 2024, covering a year that saw the company establish the scale and scope of its climate ambitions while continuing to deliver on core commitments to tackle deforestation, enhance traceability and promote thriving, resilient agricultural communities. GAR Chairman and Chief Executive Officer, Mr. Franky O. Widjaja, explained how the company's sustainability foundations have helped GAR to navigate a year of global challenges, from economic shifts and evolving regulatory demands to extreme weather conditions. "The world is changing, and so is the future of agribusiness," he said. "At GAR, sustainability isn't just a part of our business strategy; it is our business strategy. We believe that sustainability leadership starts with action; with choices that reflect our values and shape a better future." For the first time, GAR has published a double materiality assessment, addressing both the company's impact on environmental and social issues and how these topics may influence GAR's operations, long-term resilience, and financial performance. In addition to preparing the company for upcoming reporting requirements, this assessment validates GAR's priorities for action on sustainability. Widjaja continued: "As extreme weather and regulations intensify, investing in responsible agriculture matters more than ever. Our 2024 theme of Growing Together with Purpose reflects a year of evolution for GAR's sustainability policies and practice. Over the past year, we have set bold targets for emissions reduction by 2030 and developed a new sustainability framework, Collective for Impact, that provides a clear path forward for the next stage of our sustainability journey – a journey we're taking together with partners, suppliers and smallholders." Notable developments include: Launching Collective for Impact Since 2015, the GAR Social and Environmental Policy (GSEP) has been the foundation of the company's sustainability commitments, implemented in its own operations and across the company's palm oil supply chain in Indonesia. Now, GAR has launched a new framework, Collective for Impact, marking the next phase of its sustainability ambitions. Covering three key areas: Sourcing Responsibly, Caring for our Planet, and Empowering People, this new business strategy extends beyond GAR's Indonesian palm oil supply chain to include its entire business and value chain, operationally and geographically. Anita Neville, GAR's Chief Sustainability and Communications Officer, described how this framework builds on the company's existing initiatives to address critical areas for action. "It has never been more urgent to act on climate change, eliminate exploitation, and protect natural ecosystems," she said. "We know that what got us here will not necessarily get us where we want and need to go," she continued. "Collective for Impact strengthens our resilience, creates long-term value and builds trust to keep us ahead of global expectations. This is not just a sustainability vision; it is a business strategy that touches every part of GAR." Advancing Net Zero Commitments In 2024, GAR set bold 2030 targets to cut absolute emissions as a milestone on its pathway to net zero emissions by 2050. The company will cut Forest, Land, and Agriculture (FLAG) emissions by 30% and non-FLAG emissions by 42% from its 2022 baseline. Last year, GAR reduced Scope 1 and 2 emissions from its direct operations by 3% through continued implementation of No Deforestation, No Peat and No Exploitation (NDPE) policies, coupled with energy efficiency initiatives and increased renewable energy use. However, GAR's total emissions increased by 7% year on year, from 32.7 million tonnes of CO2 equivalent in 2023 to 35 million tonnes in 2024, driven by a 10% increase in Scope 3 emissions. These supply chain emissions account for 79% of GAR's total carbon footprint, underscoring the critical role of ongoing supplier engagement and collecting first party emissions data; two core pillars of the company's Scope 3 reduction efforts. Leading in Transparency and Traceability GAR has continued to map its Indonesian palm oil supply chain and has now reached 99.5% Traceability to the Plantation (TTP). The company is intensifying efforts to address the final 0.5% of TTP, addressing variability within its supply chain and extending its partnerships with smallholders to implement traceability while supporting them to improve yields and livelihoods. Elsewhere, the company has successfully expanded its traceability commitments to its other commodities, implementing 100% Traceability to the Mill (TTM) for soy, sugar, sunflower and coconut globally. The company has also launched the blockchain-powered SmartTrace system, giving users a window on the full journey of a palm oil product from plantation to purchase. Together with satellite monitoring, mapping, and supplier transformation initiatives, GAR is continuing to ensure responsible production across its supply chain, helping customers to prepare for the European Union Deforestation Regulation (EUDR) and future regulations. Action for Communities GAR's Bright Future Initiative continues to help communities build better livelihoods. In 2024, the company supported 189 projects, and empowering 113 Micro, Small, and Medium Enterprises (MSMEs) with skills from farming and technology to operations training, helping them grow and reach new markets. About Golden Agri-Resources Ltd (GAR) GAR is a leading fully-integrated agribusiness company. In Indonesia, it manages an oil palm plantation area of more than 500,000 hectares (including plasma smallholders) as of 31 March 2025. It has integrated operations focused on the technology-driven production and distribution of an extensive portfolio of palm-based products throughout its established international marketing network. Founded in 1996, GAR was listed on the Singapore Exchange in 1999 and has a market capitalisation of US$ 2.6 billion as of 31 March 2025. Flambo International Limited, an investment company, is GAR's largest shareholder, with a 50.56% stake. In addition, GAR's subsidiary, PT SMART Tbk was listed on the Indonesia Stock Exchange in 1992. As an integrated agribusiness, GAR delivers an efficient end-to-end supply chain, from responsible production to global delivery. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; the processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; refining CPO into value-added products such as cooking oil, margarine, shortening, biodiesel and oleo-chemicals; as well as merchandising palm products globally. GAR's products are delivered to a diversified customer base in over 110 countries through its global distribution network with shipping and logistics capabilities, destination marketing, onshore refining and ex-tank operations. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses. View original content to download multimedia: SOURCE Golden Agri-Resources
Business Times
27-05-2025
- Business
- Business Times
Indonesia's Widjaja family's Sinarmas Land offer wins 90% acceptance, triggering compulsory acquisition
[SINGAPORE] Lyon Investments – controlled by the Widjaja family, one of Indonesia's wealthiest clans – has crossed the 90 per cent acceptance threshold in its offer for Singapore-listed Sinarmas Land. This triggers the right of compulsory acquisition of all the shares of shareholders who have not accepted the offer, paving the way for the delisting of the mainboard-listed property developer from the Singapore Exchange. In a regulatory filing on Monday (May 26), Lyon Investments announced it had secured valid acceptances for 1.14 billion shares, or 26.85 per cent, of Sinarmas Land's total share base. The offeror and its concert parties owned about 2.99 billion shares, or 70.3 per cent of the company, before the launch of the offer. This means that Lyon Investments has now secured over 90 per cent of the shares it did not already own before the offer – triggering the right of compulsory acquisition under the Companies Act. Lyon Investments now controls 97.14 per cent of Sinarmas Land. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offeror said it intends to exercise its right of compulsory acquisition at the revised offer price, and delist the company thereafter. The announcement comes after the investment entity declared on May 18 that its offer price of S$0.375 a share was final, following a 21 per cent increase of S$0.065 over the initial bid. On May 5, the Securities Investors Association (Singapore), also known as Sias, criticised the initial offer of S$0.31 a share as 'exploitative' . Sias said it had concerns about the manner in which the company's unlisted assets were valued. On May 16, Sinarmas released a letter which contained, among other things, the independent financial adviser W Capital Markets' opinion that on balance, the financial terms of the revised offer price are 'fair and reasonable'. As at 4 pm on Tuesday, shares of Sinarmas Land were trading 1.3 per cent or S$0.005 lower at S$0.37.
Straits Times
13-05-2025
- Business
- Straits Times
Indonesia's Widjaja family raises offer for SGX-listed Sinarmas Land by 21%
The closing date of the revised offer has also been extended from May 14 to May 29. ST PHOTO: LIM YAOHUI SINGAPORE - Shares of Sinarmas Land jumped by around 19 per cent to 38 cents when the market opened on May 13, after the Widjaja family upped its offer to take the company private on May 10. Lyon Investments, which is controlled by the Widjajas, one of Indonesia's richest families, raised the price it is willing to pay for the remaining shares of Sinarmas Land by 21 per cent to 37.5 cents per share, or $1.6 billion in total, following criticism from minority shareholders that its original offer was too low. The closing date of the revised offer has also been extended from May 14 to May 29. Sinarmas Land is one of Indonesia's largest property developers and part of the Widjaja-owned Sinarmas conglomerate, which also controls Singapore-listed Golden Agri-Resources. As at May 9, Lyon Investments had already received acceptances from shareholders collectively holding 23.85 per cent of the shares in Sinarmas Land, giving it control over 94.15 per cent of the company. At those levels, Sinarmas Land's free float is now below 10 per cent, implying that trading of its shares may soon be suspended on the Singapore Exchange (SGX) to comply with listing rules. Lyon Investments first offered to take Sinarmas Land private on March 27 at 31 cents per share, or $1.32 billion in total, citing the low trading liquidity of the company's shares, among other things. No action is required from shareholders who accepted the original offer at 31 cents, as they will automatically receive the higher price. The revised deal follows an assessment by independent financial adviser (IFA) W Capital Markets, which deemed the offer 'not fair but reasonable' and valued each Sinarmas Land share between 35 and 36.1 cents. Current listing rules require any delisting offer to be both 'fair and reasonable' for it to go through, and be approved by 75 per cent of independent shareholders present at an extraordinary general meeting. According to the exchange regulator, an offer is 'fair' if the value of the offer price is greater than or equal to the value of the shares subject to the offer. Additionally, when considering whether an offer is 'reasonable', an IFA should give regard to matters including the concentration of pre-existing voting power in the shares of the issuer, the market liquidity of the shares, and the likelihood of an alternative offer being made. In a May 5 statement, the Securities Investors Association (Singapore), or Sias, noted that many minority shareholders had expressed unhappiness over the 31 cents per share offer for Sinarmas Land, which it said was widely seen as 'lowball'' and therefore 'exploitative'. Among other things, Sias noted that Sinarmas Land's net asset value per share as at Dec 31, 2024, was about 85 cents, implying the offer was pitched at a 63.6 per cent discount. It also questioned the methods used by the IFA to value the company's assets. In response, W Capital Markets said in a May 6 statement that its valuation methods were 'appropriate' and 'consistent with widely accepted industry practice'. The offer for Sinarmas Land also comes amid a spate of privatisation offers in 2025. So far, at least nine other companies have announced potential delistings this year . They are: SLB Development, PEC, Sin Heng Heavy Machinery , Econ Healthcare, Murata Manufacturing, ICP, Amara Holdings, Procurri Corp, and Ban Leong Technologies . The shareholders of two other companies, Japfa and Paragon Real Estate Investment Trust, have already accepted offers for the companies to be taken private and will be delisted. Join ST's Telegram channel and get the latest breaking news delivered to you.
