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, have fallen by more than 14% over the past month.
Wilmar was among 10 Singapore-registered companies that were 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 that had 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 were passed 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 has been 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
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