Golden Agri-Resources Ltd. (GAR)

Golden Agri-Resources Ltd. (GAR) is part of the Sinar Mas Group from Indonesia, but headquartered and listed in Singapore.1 Its activities include the cultivation of oil palm trees, and the processing and refining of palm oil. Golden Agri also owns a deep-sea port, oil seed crushing plants, and food production capabilities in China.[1] 50,05% of GAR’s shares are publicly owned.[2] Founded in 1996, GAR is listed on the Singapore Exchange since 1999 with a market capitalisation of US$3.1 billion as at 31 December 2015. Flambo International Ltd, an investment company, is GAR’s largest shareholder, with a 50.35% stake. GAR has several subsidiaries, including PT SMART Tbk which is listed on the Indonesia Stock Exchange since 1992.

The Norwegian Government Pension Fund Global (GPFG) sold its holdings in 23 palm oil producers (Golden Agri included) in 2012 after determining that many palm oil producers did not have sustainable long-term business models. 17,18 In particular, the pension fund accused.

The investor information below is correct as at the publication of Dirty Profits 2, December 2013.

[1] GAR (2013): About us,; accessed 01.10.2013

[2] GAR (n.d): Ownership Structure,; accessed 01.10.2013

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