Investments by Japanesebanks in the Malaysianand Indonesian palm oil
sectors
A research report for Mekong Watch

Investments by Japanesebanks in the Malaysianand Indonesian palm oil
sectors
A research report for Mekong Watch

18 July 2012
Jan Willem van Gelder
Barbara Kuepper

Naritaweg 101043 BX Amsterdam
Tel: 020-8208320
E-mail: profundo@profundo.nl
Website: www.profundo.nl*This research was commissioned by a Japanese NGO Mekong Watch under a project“Promoting Solutions for Problems Related to Plantation Development in the Tropics.”*This research was made available by the grant provided by the Japan Fund for Global
Environment of the Environmental Restoration and Conservation Agency.

Content
Summary ..................................................................................................................... i
Introduction.......................................................................................................... 1

Chapter 1

Methodology .................................................................................... 2

1.1
1.2
1.3
1.4

Chapter 2
2.1
2.1.1
2.1.2
2.1.3
2.2
2.2.1
2.2.2
2.2.3
2.2.4
2.3
2.3.1
2.3.2
2.4
2.4.1
2.4.2
2.4.3
2.4.4
2.5
2.5.1
2.5.2
2.6
2.6.1
2.6.2
2.7
2.7.1
2.7.2
2.8
2.8.1
2.8.2
2.8.3
2.9
2.9.1
2.9.2

Objective .................................................................................................... 2
Companies researched ............................................................................. 2
Types of finance ........................................................................................ 3
Research approach ................................................................................... 4

Analysis of financial relationships................................................. 6
Astra Agro Lestari ..................................................................................... 6
Overview ...................................................................................................... 6
Shareholdings .............................................................................................. 6
Loans ........................................................................................................... 6
Bunge ......................................................................................................... 7
Overview ...................................................................................................... 7
Shareholdings .............................................................................................. 7
Bondholdings ............................................................................................... 8Loans ........................................................................................................... 8
BW Plantation ............................................................................................ 8
Overview ...................................................................................................... 8
Shareholdings .............................................................................................. 9
Cargill ......................................................................................................... 9
Overview ...................................................................................................... 9
Bond issuances ........................................................................................... 9
Bondholdings ............................................................................................. 10
Loans ......................................................................................................... 10
Genting Plantations ................................................................................. 11
Overview .................................................................................................... 11
Shareholdings ............................................................................................ 11
Golden Agri-Resources .......................................................................... 12
Overview .................................................................................................... 12
Shareholdings ............................................................................................ 12
Hap Seng Plantations .............................................................................. 13
Overview .................................................................................................... 13
Shareholdings ............................................................................................ 13
Indofood Sukses Makmur ....................................................................... 13
Overview .................................................................................................... 13
Shareholdings ............................................................................................ 15
Bond issuances ......................................................................................... 16
IOI Group .................................................................................................. 16
Overview .................................................................................................... 16
Shareholdings ............................................................................................ 172.9.3 Loans ......................................................................................................... 17
2.10 Kuala Lumpur Kepong ............................................................................ 18
2.10.1 Overview .................................................................................................... 18
2.10.2 Shareholdings ............................................................................................ 18
2.11 Kulim ......................................................................................................... 19
2.11.1 Overview .................................................................................................... 19
2.11.2 Shareholdings ............................................................................................ 19
2.12 Noble Group ............................................................................................. 19
2.12.1 Overview .................................................................................................... 19
2.12.2 Shareholdings ............................................................................................ 19
2.12.3 Loans ......................................................................................................... 20
2.13 Sampoerna Agro ...................................................................................... 21
2.13.1 Overview .................................................................................................... 21
2.13.2 Shareholdings ............................................................................................ 22
2.14 Sime Darby ............................................................................................... 23
2.14.1 Overview .................................................................................................... 23
2.14.2 Shareholdings ............................................................................................ 23
2.14.3 Loans ......................................................................................................... 23
2.15 TH Plantations ......................................................................................... 24
2.15.1 Overview .................................................................................................... 24
2.15.2 Shareholdings ............................................................................................ 24
2.16 Triputra Agro ............................................................................................ 24
2.16.1 Overview .................................................................................................... 24
2.16.2 Loans ......................................................................................................... 25
2.17 Wilmar International ................................................................................ 25
2.17.1 Overview .................................................................................................... 25
2.17.2 Shareholdings ............................................................................................ 25
2.17.3 Loans ......................................................................................................... 26

Appendix 1

References ..................................................................................... 28

Summary
This report provides an overview of financial relationships between Japanese financial
institutions and companies engaged in oil palm plantations, crude palm oil (CPO) mills andpalm oil refineries in Indonesia and Malaysia. It covers a timeframe from July 2007 until June
2012. The research considered both domestic companies as well as foreign-registeredcompanies active in the two Southeast-Asian countries.
Involvements in terms of share- or bondholdings of institutional investors are included. Also
support in the issuance of shares or bonds is reported. Finally the participation of Japanesebanks in the provision of loans to companies active in the palm oil sector in Indonesia or
Malaysia has been researched. Table 1 summarizes the results.

S

CargillI

Genting Plantations

I,M

S

Golden Agri Resources

I

S

Hap Seng Plantations

M

S

Indofood Sukses Makmur

IS

Indofood Agri-Resources

I

London Sumatra Indonesia

I

IOI Group

I,M

Kuala Lumpur Kepong

I,M

Kulim

M

S

Noble GroupIS

Sampoerna AgroI

S

Sime Darby

I,M

TH Plantations

M

Triputra AgroI

Wilmar International

I,M

S

S

S

Sumitomo Life Insurance

S,B

Okasan Securities Group

S,L

S

S

S

S

S

S

S
L,Bi

L

B

B

L

S
S

Tokio Marine Group

S

S

L

T&D Holdings

S

I

Sumitomo Mitsui Trust Holdings

I

BW Plantation

S

Sumitomo Mitsui Financial Group

Bunge

S,L

Nomura Holdings

S

NKSJ HoldingsS

Nippon Life Insurance

I

MS&AD

Astra Agro Lestari

Mizuho Financial Group

Indonesia(I)
Malaysia(M)

Mitsubishi UFJ Financial Group

Palm oil company

Meiji Yasuda Life Insurance

Financial institution

Daiwa Securities Group

Japanese financial institutions financing Indonesian and Malaysian palm oilcompanies since July 2007

Dai-ichi Life Insurance

Table 1

S

S

S
S

S

S

S

S

S

S

S

S
S

S

S

Bi,S
S

S

S

S

S

S

S,L

S

S

S

S

S

S

S
S,L

S

S

S

S

S

S

S

S

S

S,L

S

S
S

S,L

S,L

S

S

S

S

S,L

L

S

S

S

S

S

S
L

S

S

S,L

S,L

S

S

S

Key: S = Shareholding; B = Bondholding; Bi = Participation in at least one bond issue ofthe company since July 2007; L = Participation in at least one loan secured by thecompany since July 2007.

-i-

S

S

Fifteen Japanese financial institutions have been found to be involved in the financing of 19
companies active in the palm oil sector in Indonesia or Malaysia. Several of the financial
institutions identified in this research are the result of joint ventures of several companies.
Several also have more or less strong ties with the Japanese conglomerates Sumitomo and
Mitsui; for this research they have been grouped under directly related parent companies.
Institutional investors with several shareholders are listed under each of the most influential
shareholders. This refers to:• DIAM: a joint venture between Mizuho Financial Group (50%) and Dai-Ichi Life Insurance(50%);1• Daiwa SB Investments: Daiwa Securities Group and Sumitomo Mitsui Financial Group hold
44% each;2• Sumitomo Mitsui Asset Management: Sumitomo Life Insurance holds 40%, MS&AD and
Sumitomo Mitsui Financial Group hold 27.5% each.3
Based on these results, three financial institutions show up as being most active in the palm oil
sector in Indonesia and Malaysia:• Mitsubishi UFJ Financial Group: Investment funds managed by Mitsubishi UFJ Financial
Group hold shares of 11 companies. The bank participated in one bond issuance since July
2007 and provided loans to eight companies.
• Mizuho Financial Group: Mizuho Financial Group’s investment funds hold shares of eightcompanies and bonds of one company. Mizuho was involved in loans to four companies.
• Sumitomo Mitsui Financial Group: Sumitomo Mitsui Financial Group also shows up
frequently. Its investment funds hold shares of eight companies. It provided loans to four
companies.
• Sumitomo Mitsui Trust Holdings: Investment funds of Sumitomo Mitsui Trust Holdings
hold shares of ten companies and acted as underwriter in one bond issuance.
• Other Japanese financial institutions whose investment funds hold shares in companies
active in the Indonesian and Malaysian palm oil sector include Dai-ichi Life Insurance,
Daiwa Securities Group, Meiji Yasuda Life Insurance, MS&AD, Nippon Life Insurance,
NKSJ Holdings, Nomura Holdings, Okasan Securities Group, Sumitomo Life Insurance,
T&D Holdings and Tokio Marine Group.
• Japanese financial institutions are most involved with international agri-businesscompanies Wilmar International, Bunge, Noble and Cargill, and palm oil plantationcompanies Sime Darby, Astra Agro Lestari and IOI Group.
It has to be noted that several of the companies investigated in this research are active in a
number of agri-business and commodity trading sectors, with palm oil plantations andprocessing being just one of them. It is thus also not possible to say whether proceeds offinancing provided to these companies are directly benefiting the palm oil-related activities.

Recommendations
The research revealed a large number of financial links between Japanese financial
institutions and companies active in the palm oil sectors in Indonesia and Malaysia. In devising
a strategy on how to influence the investment behaviour of Japanese banks and other financial
institutions some more analysis based on these results will be required, also depending on
already existing campaign information.

-ii-• As a first step all financial institutions found to have financial links with the oil palm sectors inIndonesia and Malaysia could be approached and asked to implement strong policies
defining their environmental and social investment criteria for investments in the palm oil
sector. This could be an open approach, without any hard campaigning, just referring to thesocial and environmental which are prevalent in a large part of the Indonesian and
Malaysian palm oil sectors.
• As a next step, campaigning attention could be focussed on a small number of financial
institutions (1-5). In selecting these financial institutions, the following criteria should play arole:• In principle, it seems sensible to focus on financial institutions that have the closest
relationships with palm oil companies;• Some banks and other investors may be a more interesting target than others,
depending for example on their policies on environmental and social responsibility
issues or their sensitivity to public attention around their behaviour;• Financial institutions which have relationships with palm oil companies for which their isavailable evidence on issues like land grabbing, environmental impact of operations on
livelihoods and biodiversity or working conditions.
• It seems advisable to focus on financial institutions which have financial relationships
with companies for which oil palm plantations and related downstream processing
present a large part of their business activities as this makes them a stronger target.
• Approaching financial institutions regarding their relations to the oil palm sector in generaland specific oil palm companies in particular, requires well-documented evidence of thenegative impact of the activities of these companies. This is certainly also of crucial
importance for an effective public campaign. Depending on the level of interest that thesocial and environmental impact of palm oil production has received in Japan in the past,bringing these issues into the media and linking them to specific financial institutions would
raise public awareness and could be an effective way to achieve change.
• The financial institutions on which the campaign targets, can be urged to:• Develop strong policies on social and environmental issues in the palm oil sector;• Screen all new investments against these criteria;• Engage with the companies they have financed which have caused social andenvironmental problems, to see if they can change their behaviour and offer
compensation;• Refrain from doing business with environmentally and/or socially irresponsible palm oilcompanies and to divest relevant share- or bondholdings.

-iii-

Introduction
The objective of this research project is to identify how Japanese banks have been involved in
the past five years in financing oil palm plantations, crude palm oil (CPO) mills and palm oil
refineries in Indonesia and Malaysia.
Japanese financial institutions can be involved in financing oil palm plantations, CPO mills andpalm oil refineries in Indonesia and Malaysia by:• Providing corporate loans, project finance or working capital facilities. All facilities provided
in this period will be listed.
• Underwriting share or bond issuances. All issuances in this period will be listed.
• Owning/managing shares or bonds. Share- and bond holdings at the most recent reporting
date will be listed.
In Chapter 1 the research methodology and scope are described. Chapter 2 provides briefbusiness profiles of the palm oil companies for which relationships with Japanese financial
institutions have been found; for each company details on the involvement of Japanesefinanciers in terms of share- or bondholdings, support in bond or share issuances and theprovision of loans are provided.
A summary of the findings and some recommendations can be found on the first pages of thisreport.

-1-

Chapter 1
1.1

Methodology

Objective

The objective of this report is to identify links between Japanese financial institutions andcompanies active in the palm oil sectors of Malaysia and Indonesia. These can be domestic
companies as well as foreign-registered companies active in the countries.

1.2

Companies researched

Due to the large number of companies active in the oil palm sectors of Malaysia and Indonesia,
the list of companies considered in this research does in no way claim comprehensiveness.
Only companies for which relationships with Japanese financial institutions were found aredescribed in this report.
Some of these companies are focussing completely or to a large degree on palm oil plantations
and related downstream activities, others are active in a number of agri-business andcommodity trading sectors, with palm oil plantations and processing being just one of them.
This is especially the case for Bunge, Cargill and Noble.
Table 2 gives an overview of the palm oil companies for which financial links with Japanesefinancial institutions were found, indicating the importance of palm oil activities for thesecompanies. These figures should be seen as an indication of the relative importance as thesegment information provided by companies is often not going into details per product.
Table 2Estimated share of palm oil activities in total company revenues
Share of palm oil activities
in total revenue(%, estimated)

Company
Astra Agro Lestari

>95%

Bunge

<5%

BW Plantation

100%

Cargill<5%

Genting Plantations

90%

Golden Agri Resources

80%

Hap Seng Plantations

100%

Indofood Agri-Resources

85%

London Sumatra Indonesia

80%

IOI Group

90%

Kuala Lumpur Kepong

>50%

Kulim

45%

Noble

<5%

Sampoerna Agro

>95%

Sime Darby

30%

TH Plantations

100%

Triputra Agro50%

Wilmar International

50%

-2-

Source: Based on segment information in company annual reports; own estimations.

1.3

Types of financeJapanese financial institutions can be involved in financing the companies engaged in thepalm oil sectors in Malaysia and Indonesia by providing corporate loans, by assisting
companies with share- and bond issuances, and by (managing) investments in shares andbonds of these companies. Below, these financing categories are discussed in more detail:• Corporate loans: The easiest way to obtain debt is to borrow money. In most cases,
money is borrowed from commercial banks. Loans can be either short-term or long-term innature. Short-term loans (including working capital facilities, trade credits, current accounts,
leasing agreements, et cetera) have a maturity of less than a year. They are mostly used asworking capital for day-to-day operations. Short-term debts are often provided by a single
commercial bank, which does not ask for substantial guarantees from the company.
A long-term loan has a maturity of at least one year, but generally of three to ten years.
Long-term corporate loans are in particular useful to finance expansion plans, which only
generate rewards after some period of time. The proceeds of corporate loans can be used
for all activities of the company. Often long-term loans are extended by a loan syndicate,
which is a group of banks brought together by one or more arranging banks. The loan
syndicate will only undersign the loan agreement if the company can provide certain
guarantees that interest and repayments on the loan will be fulfilled.
• Principal banker: Financial institutions which act as principal banker to a specific company
assist the company in arranging its day-to-day financial operations. This could for example
mean that the company has deposits at this bank.
• Share issues: Issuing shares on the stock exchange gives a company the opportunity toincrease its equity by attracting a large number of new shareholders or increase the equityfrom its existing shareholders. These shareholders can be private investors as well as
institutional investors.
When it’s the first time a company offers its shares on the stock exchange, this is called an
Initial Public Offering (IPO). When a company’s shares are already traded on the stock
exchange, this is called a secondary offering of additional shares.
To arrange an IPO or a secondary offering, a company needs the assistance of one or more(investment) banks, which will promote the shares and find shareholders. The role ofinvestment banks in this process therefore is very important.
• Bond issues: Issuing bonds can best be described as cutting a large loan into small pieces,and selling each piece separately. Bonds are issued on a large scale by governments, butalso by corporations. Like shares, bonds are traded on the stock exchange. Bonds are soldon the capital market, to private investors as well as institutional investors. Banks rarely buy
any bonds. But to issue bonds, a company needs the assistance of one or more(investment) banks which underwrite a certain amount of the bonds. Underwriting is ineffect buying with the intention of selling to investors. Still, in case the investment bank fails
to sell all bonds it has underwritten, it will end up owning the bonds.
• (Managing) investments in shares: Financial institutions can invest in the shares of acertain company. This provides the company with new equity, and gives the financial
institution a direct influence on the company’s strategy as it becomes a co-owner of thecompany. The magnitude of this influence depends on the size of the shareholding.

-3-

Financial institutions like banks and insurance companies sometimes own shares for theirown account. But asset managers (which can be independent financial institutions, or
subsidiaries of banks and insurance companies) do buy shares of companies on behalf of
the investment funds they are managing. Formally, these funds are owned by the private
and institutional investors participating in these funds, although the management of thefunds (and therefore the decisions to buy and sell shares) lies in the hands of the asset
managers.
• (Managing) investments in bonds: Like with shares, financial institutions can invest inbonds of a certain company. The main difference between owning shares and bonds is thatthe owner of a bond is not a co-owner of the issuing company; the owner is a creditor of thecompany. The buyer of each bond is entitled to repayment after a certain number of years,
and to a certain interest during each of these years.
Similar to shares, some financial institutions (especially insurance companies) buy bonds
for their own account. And asset managers buy bonds on behalf of the investment funds
they are managing for their clients (private and institutional investors).
• Revolving credit facility: A revolving credit facility is a loan contract which the company
has agreed with a banking syndicate, but which will be only be used when urgent payments
need to be made. Depending on the main purpose it serves, a revolving credit facility can becalled a guarantee facility or a stand-by facility.
A guarantee facility is often concluded with a banking syndicate in connection with a bondissuance. By the time interest is due on these bonds, the company might be temporarily
short of cash because its clients did not pay their bills in time. The guarantee facility thenserves as a reassurance to the bondholders, that the company will always be able to pay
interest on its bonds. When the company does not have sufficient money in cash, it can use
the guarantee facility to borrow the money without delay from the banks.
A stand-by facility is very similar, but is more intended for use by the company when asudden investment opportunity, for instance the take-over of another company, arises andthe company does not have sufficient money in cash. It can then quickly use the stand-by
facility to borrow money.
The company only starts to pay interest on a revolving credit facility when the company
actually borrows money under the conditions of the facility. As long as the facility is not used,
it remains stand-by and the company plays a small fee for having the right to use this facility.

1.4

Research approach

The research included Japanese financial institutions which have their headquarters in Japanand considered information referring to the last five years from 1 July 2007 to 15 June 2012.
Financial relationships of these financial institutions with public and private companies activein the palm oil sectors in Malaysia and Indonesia were investigated. In addition to domestic
industries also companies based in other countries but with operations in the two Southeast
Asian countries were considered. An exemption was made for companies that entered the oilpalm business in Indonesia or Malaysia after July 2007; in those cases deals were consideredfrom the year in which operations started.
Relationships were researched by using specialized financial databases (Thomson One
Database, Bloomberg), annual reports, stock exchange filings and other publications of thecompanies concerned, as well as media archives.
The data on shareholdings is giving the name of the investment manager and its parent
company where applicable, the percentage of all company shares, the value of the respective
holding in US$ million, and the filing date.

-4-

For bondholdings, the tables provide details on the investor name, its parent where applicable,
the percentage of all company bonds, the value of the respective holding in US$ million, andthe filing date.
For loans, the name of the companies involved, the date of the transaction agreement, the total
amount of the loan in US$ million, and the share of the Japanese participants in US$ million
are provided and where available the interest rate. The filings do not always include details on
the actual share of the involved banks. In those cases an estimation based on the number ofbanks in the syndicate and their roles is made.aaShares have been estimated based on the assumption that bookrunners account for a total of 40% of the total
amount and other participants for the remaining 60%.

-5-

Chapter 2

Analysis of financial relationships

2.1

Astra Agro Lestari

2.1.1

Overview

PT Astra Agro Lestari (“Astra Agro”) is an Indonesian palm oil and rubber plantations company
that is listed on the stock exchanges of Jakarta and Surabaya. The dominant shareholder,owning 79.7% of its shares, is the Indonesian car producer PT Astra International, which isalso active in financial services, heavy equipment, information technology, wood processing,electronics, consumer goods, chemicals, infrastructure, and other industries. The dominant
shareholder (50%) of PT Astra International is the car trader Cycle & Carriage from Singapore,
which itself is controlled (71% of the shares) by the conglomerate Jardine Matheson from HongKong.4 This conglomerate is controlled by the Scottish Keswick family.5
The company realized a revenue of Rp 10,772.6 billion (US$ 1.2 billion) in the financial year
ending 2011, resulting in a net profit of Rp 2,405.6 billion (US$ 262.4 million).6
As of end December 2011, the company had a land bank of 266,706 hectares oil palm
plantations, consisting of nucleus estates and plasma plantations in Sumatera, Kalimantan
and Sulawesi, with an average age of 14 years. The company has 22 palm oil mills with aprocessing capacity of 1,050 tons of fresh fruit bunches (FFB) per hour, and four new mills
under construction. In addition, Astra Agro Lestari has a total of eight kernel processing mills.7

2.1.2

Shareholdings

Table 3 presents an overview of the shares of Astra Agro Lestari which are owned or managed
by Japanese institutional investors.
Table 3

Japanese shareholders of Astra Agro Lestari% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.05

1.70

30 Apr 2012

Daiwa Asset Management

Daiwa Securities Group

0.00

0.05

7 Dec 2011

Kokusai Asset Management

Mitsubishi UFJ Financial Group

0.04

1.59

23 Jan 2012

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.00

0.08

26 Jan 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.02

0.61

13 Feb 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.07

2.53

25 Jan 2012

Investor

Parent company

DIAM

Source: Thomson One Financial Database, July 2012.

2.1.3

Loans

The following information was found on loans provided by Japanese banks to Astra AgroLestari during the past five years:-6-• In July 2009, Astra Agro Lestari obtained a US$ 150.0 million three-year credit facility from abanking syndicate involving five banks. It was split into a US$ 100.0 million term loan and a
US$ 50.0 million revolver. Annual interest rate for the revolving credit facility is 3.5% above
LIBOR. The proceeds were destined for working capital and capital expenditures. Bank ofTokyo-Mitsubishi UFJ, part of Mitsubishi UFJ Financial Group, contributed US$ 50.0
million. Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group,
contributed US$ 20.0 million.8• In May 2012, Astra Agro Lestari announced that it secured a US$ 50 million loan from threebanks to finance expansion projects. The loan will mature in three years with various
interest rates. Bank of Tokyo-Mitsubishi UFJ participated with US$ 15 million, Sumitomo
Mitsui Banking Corporation with US$ 10 million.9

2.2

Bunge

2.2.1

Overview

Bunge, listed at the New York stock exchange, is one of the leading internationally operating
agriculture and food business companies. The company is active in purchasing, storing,transporting, processing, and selling agricultural commodities and commodity products,
including palm oil. In 2011, Bunge achieved revenues of US$ 58.7 billion, generating a net
profit of US$ 908 million.10
Bunge started negotiating at the end of 2011 and completed its first investment in the palm
industry in January 2012; its wholly-owned subsidiary Bunge Agribusiness Singapore formed ajoint venture with Indonesian PT Bumiraya Investindo (“BRI”), the palm plantation subsidiary of
PT Tiga Pilar Sejahtera Food (“TPS Food”), to produce palm oil in Indonesia. Bunge now holds
a 35% stake in BRI.11 BRI holds an oil palm concession area of an estimated 80,000 ha in
Sumatra and Kalimantan. It also operates a palm oil mill in Kalimantan with a production
capacity of 45 tons per hour.12

2.2.2

Shareholdings

Table 4 presents an overview of the shares of Bunge which are owned or managed by
Japanese institutional investors.
Table 4

Japanese shareholders of Bunge% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.04

3.98

31 Mar 2012

Daiwa Asset Management

Daiwa Securities Group

0.00

0.41

31 Mar 2012

Meiji Yasuda Life Insurance

--

0.00

0.28

31 Mar 2012

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.03

2.63

31 Mar 2012

Mitsubishi UFJ Morgan
Stanley Securities

Mitsubishi UFJ Financial Group

0.00

0.23

31 Mar 2012

Mitsubishi UFJ Trust andBanking Corporation

Mitsubishi UFJ Financial Group

0.21

21.25

31 Mar 2012

Investor

Parent company

DIAM Co.

-7-

% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group

0.03

3.47

31 Mar 2012

Mizuho Trust & Banking

Mizuho Financial Group

0.19

19.40

31 Mar 2012

Shinko Asset Management

Mizuho Financial Group

0.00

0.07

31 Mar 2012

Nomura Asset Management

Nomura Holdings

0.03

3.13

31 Mar 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.35

10 Apr 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.02

2.22

29 Feb 2012

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.02

1.67

31 Mar 2012

T&D Asset Management

T&D Holdings

0.00

0.05

28 Feb 2011

Tokio Marine AssetManagement

Tokio Marine Group

0.02

1.63

31 Mar 2012

Investor

Parent company

Mizuho Asset Management

Source: Thomson One Financial Database, July 2012.

2.2.3

Bondholdings

Table 6 presents an overview of the bonds of Bunge which are owned or managed by
Japanese institutional investors.
Table 5Investor

Japanese bondholders of Bunge% of all
Value (US$ mln)
bonds

Parent company

Mizuho Asset Management Mizuho Financial Group

0.01

0.17

Filing date
31 Jan 2012

Source: Bloomberg Financial Database, July 2012.

2.2.4

Loans

The following information was found on loans provided by Japanese banks to Bunge since itentered the palm oil plantation business:• In November 2011, Bunge secured a two-tranche US$ 1.6 billion five-year revolving credit
facility at a base rate of LIBOR+137.500bps. The proceeds were used to refinance bankdebt and for general corporate purposes. Bank of Mitsubishi UFJ was one of fourbookrunners in the syndicate of seven banks, committing an estimated amount of US$ 230
million.13

2.3

BW Plantation

2.3.1

Overview

BW Plantation is an Indonesian oil palm plantation company listed at the Jakarta stock
exchange. In 2011, the company achieved total revenues of Rp 888.3 billion (US$ 96.9 million),resulting in a net profit of Rp 320.4 billion (US$ 34.9 million).14-8-

The company managed a total landbank of 94,733 hectares in 2011. The planted area reacheda total of 60,064 hectares.15 In May 2012, it became known that BW Plantation is seeking an
additional 40,000 to 50,000 hectares of land to support its plan to have a total land bank of
150,000 hectares. The company has allocated US$ 28.9 million for its acquisition plans. About
two thirds of this amount have been spent on acquiring a 99.99 percent stake in PT Prima
Cipta Selaras, which has a permit to utilize 11,203 hectares of land located in East Kalimantan.
The remaining funds will be used for future acquisitions.16 Until the end of 2011 the company
had two palm oil refining mills with a total
processing capacity of 105 tons per hour; a new mill was expected to go operational in July
2012.17

2.3.2

Shareholdings

Table 6 presents an overview of the shares of BW Plantation which are owned or managed by
Japanese institutional investors.
Table 6

Japanese shareholders of BW Plantation% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.00

0.03

30 Apr 2012

Daiwa Securities Group

0.01

0.03 20 Sep 2011

Investor

Parent company

DIAM
Daiwa Asset Management

Source: Thomson One Financial Database, July 2012.

2.4

Cargill

2.4.1

Overview

Cargill, a private company based in the United States, is one of the largest agri-business and-trading companies in the world, operating in various food and agri-commodity sectors in 65
countries. The company is controlled by the Cargill and MacMillan families from Minnesota,
United States. Cargill reached a total revenue of US$ 119.5 billion in 2011, resulting in net
earnings of US$ 4.2 billion.18
Cargill’s Tropical Oils Asia business unit is located in Singapore. From here oil palm
plantations and mills in South Sumatra and West Kalimantan, Indonesia, are managed. The
Indonesian palm operations cover almost 55,000 hectares.19 As of December 2012, Cargill
operated four CPO mills in Sumatra and Kalimantan with a combined capacity of 320 tons perhour, and had plans for the construction of an additional mill in Sumatra.20 The company
operates a total of twelve palm oil refineries around the world, three of which are located in
Malaysia.21

2.4.2

Bond issuances

The following information was found on the involvement of Japanese banks in bond issuancesby Cargill during the past five years:-9-• In March 2009, Cargill issued 7.350% 10-year senior notes with a value of US$ 450 million.
The proceeds were used for general corporate purposes. Mitsubishi UFJ Securities
International was one of twelve participants of the issue, underwriting an estimated
US$ 12.5 million.22

2.4.3

Bondholdings

Table 7 presents an overview of the bonds of Cargill which are owned or managed by
Japanese institutional investors.
Table 7

Japanese bondholders of Cargill% of all
bonds

Value
(US$ mln)

Filing date

MS&AD

0.01

0.67

31 Mar 2012NKSJ Holdings

0.01

1.00

31 Mar 2012

Investor

Parent company

Mitsui Sumitomo Insurance Company ofAmerica
Sompo Japan Insurance of America

Source: Bloomberg Financial Database, July 2012.

2.4.4

Loans

The following information was found on loans provided by Japanese banks to Cargill during thepast five years:• In November 2007, Cargill secured a US$ 1.5 billion 364-day revolving credit facility from a
syndicate of 32 banks at a base rate of LIBOR+25.000bps. The proceeds were destined forgeneral corporate purposes and to refinance debt. Bank of Mitsubishi UFJ, Sumitomo
Mitsui Banking Corporation and Mizuho Corporate Bank committed an estimated
US$ 24 million each.23• In October 2008, Cargill secured a US$ 1.5 billion one-year revolving credit facility from a
syndicate of five banks. The proceeds were destined to refinance bank debt. Bank ofTokyo-Mitsubishi Trust, part of Mitsubishi UFJ Financial Group, and Sumitomo Mitsui
Banking Corporation were among the participants, committing an estimated US$ 250
million each.24• In September 2010, Cargill secured a US$ 5.0 billion revolving credit facility at a base rateof LIBOR+75.000bps. The proceeds were destined for stand-by support and refinancing.
The loan had two tranches:• One tranche of US$ 2.5 billion maturing after 364 days. Among the 32 participants wereBank of Tokyo Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui
Banking Corp, committing an estimated US$ 55 million each.
• One tranche of US$ 2.5 billion maturing after three years. Among the 32 participants
were Bank of Tokyo Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui
Banking Corp committed an estimated US$ 55 million each.25• In February 2012, Cargill Asia Pacific secured a US$ 1.25 billion 364-day revolving credit
facility at a base rate of LIBOR+75.000bps. The proceeds were destined to refinance a
US$ 1.25 billion facility signed in the previous year, as working capital and for general
corporate purposes. The loan had two tranches:-10-• One tranche of US$ 745.5 million; Bank of Mitsubishi UFJ was one of sevenbookrunners in a syndicate of 25 banks, committing an estimated amount of US$ 71
million. Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank participatedwith an estimated US$ 42 million each.
• One tranche of US$ 504.5 million; Bank of Mitsubishi UFJ was one of five bookrunners
in a syndicate of 25 banks, committing US$ 32.5 million, Mizuho Corporate Bank
participated with US$ 22 million. 26

2.5

Genting Plantations

2.5.1

Overview

Genting Plantations is a 53.6%-owned subsidiary of the Malaysian diversified company
Genting Bhd, listed at the Bursa Malaysia.27 Genting Bhd. is heading the Genting Group, alarge Malaysian business group, active in the tourist industry (resorts, hotels, cruises andcasinos), real estate, ICT, plantations, electricity generation and exploration and production ofoil and gas. Besides Malaysia, the Group undertakes business activities in China, India,
Indonesia, and other Asian countries, North and South America, Australia, Egypt, Morocco,
South Africa and the United Kingdom. The Genting Group was founded in 1965 by the late Tan
Sri (Dr.) Lim Goh Tong.28
Genting Plantations company is mainly active in the oil palm plantation business. The
company reached a total revenue of MYR 1.3 billion (US$ 420.6 million) and net profits of MYR
442.7 million (US$ 139.3 million) in 2011.29
At the end of 2011, the company’s total oil palm area in Malaysia stood at 59,576 hectares. The
landbank in Malaysia covers an estimated 100,000 hectares. The Group’s aggregate plantedarea in Indonesia grew to 33,921 hectares as at 31 December 2011, the total Indonesianlandbank surpassed 100,000 hectares.30
The company operated seven oil mills in Malaysia in 2011, among which one in a joint venture.
In addition, two mills are planned for Indonesia.31 Total milling capacity is 265 tonnes perhour.32

2.5.2

Shareholdings

Table 8 presents an overview of the shares of Genting Plantations which are owned or
managed by Japanese institutional investors.
Table 8Japanese shareholders of Genting Plantations% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.00

0.04

30 Apr 2012

Sumitomo Mitsui Trust Holdings

0.00

0.04

25 Jan 2012

Investor

Parent company

DIAM
Sumitomo Mitsui Trust AssetManagement

Source: Thomson One Financial Database, July 2012.

-11-

2.6

Golden Agri-Resources

2.6.1

Overview

Golden Agri-Resources (“GAR”) is one of the world’s largest oil palm plantation companies. It
is based in Mauritius and listed on the Singapore stock exchange. It holds the palm oil interestsof the Sinar Mas Group, an Indonesian conglomerate which is mainly active in pulp and paper,
palm oil, food, and finance.33 Although many companies in the Sinar Mas Group have been
listed on various stock exchanges, the Widjaja family still owns controlling stakes. According toForbes, in 2011 Eka Tjipta Widjaja was Indonesia’s third-richest man, with a net worth of
US$ 8.0 billion.34
Flambo International and Massingham International, two investment companies of the Widjaja
family, are GAR's largest shareholders with 12.53% and 37.47%, respectively, giving thefamily a 50% interest. The remainder of the shares are held by the public.35 GAR has grouped
its oil palm plantation subsidiaries under four sub-holdings, including PT Sinar Mas
Agro-Resources and Technology Tbk (“PT Smart”), which is listed on the Jakarta stock
exchange. PT Purimas Samita, a subsidiary of Golden Agri-Resources, holds 97.2% of theshares of PT Smart; no engagement of Japanese shareholders was found.36
In the financial year ended December 2011, Golden-Agri Resources generated revenues of
US$ 5.9 billion, resulting in a net profit of US$ 1.3 billion.37
In 2011, GAR cultivated approximately 455,700 hectares of oil palm plantations in Indonesia,
including 94,600 hectares of plasma smallholders. This area is located in Sumatra, Kalimantan
and Papua.38 GAR operates 37 CPO mills with a total capacity of 9.9 million tons per year andtwo kernel crushing plants with a capacity of 0.8 million tons per year. Its two palm oil refineries
have a capacity of 0.4 million tons per year.39

2.6.2

Shareholdings

Table 9 presents an overview of the shares of Golden Agri-Resources which are owned or
managed by Japanese institutional investors.
Table 9Japanese shareholders of Golden Agri-Resources% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.05

3.29

30 Apr 2012

Daiwa Asset Management

Daiwa Securities Group

0.01

0.55

24 Apr 2012

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.02

1.19

26 Jan 2012

Mizuho Asset Management

Mizuho Financial Group

0.00

0.00

25 Jul 2011

Nissay Asset Management

Nippon Life Insurance

0.00

0.00

05 Mar 2012

Nomura Asset Management

Nomura Holdings

0.01

0.64 31 May 2012

Okasan Asset Management

Okasan Securities Group

0.01

0.72

16 Apr 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.13

10 Apr 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.01

0.87

29 Feb 2012

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.02

1.14

30 Jan 2012

Investor

Parent company

DIAM

-12-

Investor

Parent company

Tokio Marine AssetManagement

Tokio Marine Group% of allsharesValue(US$ mln)

Filing date

0.00

0.00

29 Feb 2012

Source: Thomson One Financial Database, July 2012.

2.7

Hap Seng Plantations

2.7.1

Overview

Hap Seng Plantations is an oil palm plantation company listed at the Malaysian stock
exchange since November 2007. It is 55.15%-controlled by Hap Seng Consolidated, which inturn is controlled by Lau Gek Poh and his family.40
In the financial year ended 31 December 2011, Hap Seng Plantations generated revenues of
MYR 654.9 million (US$ 206.1 million), resulting in a net profit of MYR 253.0 million (US$ 79.6
million).41
The company’s plantations are mainly located in Sabah, Malaysia. The total area of Hap Seng
Plantations estates is 39,803 hectares with 34,467 hectares of planted area.42 The company
operates four palm oil mills with a combined milling capacity of 175 tonnes per hour.43

2.7.2

Shareholdings

Table 10 presents an overview of the shares of Hap Seng Plantations which are owned or
managed by Japanese institutional investors.
Table 10 Japanese shareholders in Hap Seng Plantations
Investor

Parent company
Mizuho Financial Group (50％)

DIAM& Dai-Ichi Life Insurance (50％)% of allsharesValue(US$ mln)

Filing date

0.01

0.11

30 Apr 2012

Source: Thomson One Financial Database, July 2012.

2.8

Indofood Sukses Makmur

2.8.1

Overview

PT Indofood Sukses Makmur (“Indofood”) belongs to the Indonesian Salim Group, which iscontrolled by the Salim family. The Salim Group was founded by the Chinese immigrant Liem
Sioe Liong, who later changed his name to Sudono Salim. Liem was one of the closest friends
and business partners of ex-president Suharto. The group is still controlled by the Salim family,
and is now headed by Sudono’s son Anthony.44
The financial crisis of 1998 has reduced the size of the Salim Group from being the largest
private business groups in Indonesia, but it remains one of the leading conglomerates inIndonesia with extensive holdings in the rest of Southeast Asia. The Group now is mainly
active in food, shipping, telecom and cement.
-13-

Indofood is active in all stages of food manufacturing from the production of raw materials andtheir processing through to consumer products.
The agribusiness activities of Indofood are grouped under the Singaporean company Indofood
Agri Resources (“IndoAgri”), which was listed on the Singapore Stock Exchange in January
2007.45
Indofood holds a 58.2% interest in Indofood Agri-Resources.46 The business activities of
IndoAgri range from research and development, seed breeding, oil palm cultivation and milling,
to the production of branded cooking oils and margarine. In addition the group is involved in thecultivation and processing of rubber, sugarcane, cocoa and tea.47
Figure 1

Indofood corporate structure

Source: Indofood Agri-Resources, “Annual Report 2011”, Indofood Agri-Resources,
March 2012.

IndoAgri, in turn, has two major subsidiaries which are listed on the Indonesia Stock
Exchange: PT PP London Sumatra Indonesia (“Lonsum”), which was acquired by Indofood in
October 2007 and is 42.83%-owned by IndoAgri, and PT Salim Ivomas Pratama (“SIMP”),
which was listed in June 2011 and is 72% owned by IndoAgri.48
In the financial year ending December 2011, IndoAgri generated total revenues of Rp 12,605.3
billion (US$ 1.4 billion), resulting in a net profit of Rp 2,640.9 billion (US$ 288.1 million).49
IndoAgri and its subsidiaries have a land bank of approximately 500,000 hectares. As of
December 2011, the Group had 216,837 hectares planted with oil palms (85% of total plantedarea).50 This includes the land banks of PT PP London Sumatra Indonesia and PT Salim
Ivomas Pratama.

-14-

In 2011, IndoAgri and its subsidiaries had 20 palm oil mills with a total capacity of 4.6 million
tons and 5 CPO refineries with a total capacity of 1.4 million tons operational.51 The second
largest palm oil refinery in Indonesia in 2010 was run by PT Salim Ivomas Pratama in North
Sumatra, with an annual processing capacity of 609,350 tons.52• PP London Sumatra Indonesia
Lonsum’s planted area on land in Sumatra, Java, Kalimantan and Sulawesi reached102,221 hectares in 2011. Of this area, about 80,000 hectares were planted with oil palm, of
which 70,000 hectares were mature. Lonsum operates eleven of the group’s palm oil mills.53
The smallholder plantations associated with Lonsum cover an additional approximately
32,000 hectares.54• Salim Ivomas Pratama
The planted area of SIMP on 12 estates covered 56,131 hectares in 2010/11. Six palm oil
mills were operated by this IndoAgri subsidiary.55

2.8.2

Shareholdings

The following tables present overviews of Japanese shareholders in companies related to
Indofood. For SIMP no relationships with Japanese financial institutions were identified.
• Indofood Sukses Makmur
Table 11 presents an overview of the shares of Indofood Sukses Makmur which are owned
or managed by Japanese institutional investors.
Table 11 Japanese shareholders of Indofood Sukses Makmur% of allsharesValue(US$ mln)

Filing date

Daiwa Securities Group

0.00

0.02

30 Apr 2012

DIAM

Mizuho Financial Group (50％)& Dai-Ichi Life Insurance (50％)

0.05

2.26

30 Apr 2012

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.00

0.13

26 Jan 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.03

1.54

13 Feb 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.00

0.09

25 Jan 2012

Investor

Parent company

Daiwa Asset Management

Source: Thomson One Financial Database, July 2012.

• Indofood Agri-Resources
Table 12 presents an overview of the shares of Indofood Agri-Resources which are owned
or managed by Japanese institutional investors.
Table 12 Japanese shareholders of Indofood Agri-Resources
Investor

Parent company

Okasan Asset Management

Okasan Securities Group% of allsharesValue(US$ mln)

Filing date

0.00

0.02

6 Sep 2011

Source: Thomson One Financial Database, July 2012.

-15-

• PP London Sumatra Indonesia
Table 13 presents an overview of the shares of Lonsum which are owned or managed by
Japanese institutional investors.
Table 13 Japanese shareholders of PP London Sumatra% of allsharesValue(US$ mln)

Filing date

Daiwa Securities Group

0.01

0.17

17 Apr 2012

Kokusai Asset Management

Mitsubishi UFJ Financial Group

0.06

1.10

23 Jan 2012

Mizuho Asset Management

Mizuho Financial Group

0.00

0.05 20 Dec 2011

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.01

0.15 31 Dec 2011

Investor

Parent company

Daiwa Asset Management

Source: Thomson One Financial Database, July 2012.

2.8.3

Bond issuances

The following information was found on the involvement of Japanese banks in bond issuances
by Indofood Sukses Makmur during the past five years:• In May 2007, Indofood Sukses Makmur issued 10.012% fixed-rate bonds maturing in May
2012. The total value was US$ 228.0 million. The underwriting syndicate had 11
participants. Nikko Securities Indonesia accounted for US$ 4.6 million.56 SMBC Nikko,
part of Sumitomo Mitsui Trust, holds a 39.68% stake in Nikko Securities Indonesia.57

2.9

IOI Group

2.9.1

Overview

The Malaysian IOI Group (“IOI”) is mostly active in oil palm plantations and palm oil production.
Other activities include oleochemical production and property development. Most of its
plantations are located in Malaysia, however, through two joint ventures with the Harita Groupthe company is extending its concession area and plantations in Indonesia since 2007.58 Ten
Sri Lee Shin Cheng, the executive chairman of IOI, and his family control IOI Corporation
through Progressive Holdings, holding 36.52% of the shares.
In the financial year ending in June 2011, IOI realised revenues of MYR 16.1 billion (US$ 5.1
billion), resulting in a net profit of MYR 2.2 billion (US$ 699.5 million).59
IOI has a total land bank of 229,000 hectares, with 169,000 hectares located in Malaysia and60,000 hectares in Indonesia. Of the Indonesian acreage, 11,000 hectares were cleared forplanting in 2011, the remaining 49,000 hectares were available for future planting.60 As of June
2011, the Group’s total planted area stood at 158,147 hectares, 99% of which was oil palm. 61
IOI has 12 palm oil mills with total milling capacity of 4.1 million tons per year located in thevicinity of its 80 estates throughout Malaysia.62 The company also operates four palm oil
refineries with a combined refining capacity of 3.8 million tons per year, located domestically atsource and abroad.63-16-

On 28 July 2011, Sri Mayvin Plantation Sdn Bhd, an indirect wholly-owned subsidiary of theCompany, entered into a conditional sale and purchase agreement to acquire an additional
11,977 hectares of oil palm plantation land located in Sabah, Malaysia.64

2.9.2

Shareholdings

Table 14 presents an overview of the shares of IOI Corporation which are owned or managed
by Japanese institutional investors.
Table 14 Japanese shareholders of IOI Corporation
Investor

Parent company

DIAM Co.

Mizuho Financial Group (50％)& Dai-Ichi Life Insurance (50％)% of allsharesValue(US$ mln)

Filing date

0.00

0.05

30 Apr 2012

Daiwa Asset Management
Co.

Daiwa Securities Group

0.00

0.28

17 Apr 2012

Daiwa SB Investments

Daiwa Securities Group (44%) &Sumitomo Mitsui Financial
Group (44%)

0.03

3.15

31 Oct 2011

Kokusai Asset Management

Mitsubishi UFJ Financial Group

0.01

0.61

6 Jul 2011

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.00

0.19

26 Jan 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.14 16 Nov 2011

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.00

0.25

25 Jan 2012

Source: Thomson One Financial Database, July 2012.

2.9.3

Loans

The following information was found on loans provided by Japanese banks to IOI Corporation
during the past five years:• In September 2010, Bank of Tokyo Mitsubishi UFJ acted as bookrunner for a US$ 600.0
million seven-year term loan obtained by IOI Corporation from a syndicate of three banks.
The proceeds were destined for general corporate purposes and refinancing. Bank ofTokyo Mitsubishi UFJ committed US$ 300.0 million.65• In October 2011, IOI Management, a subsidiary of IOI Group, obtained a US$ 330 million
term loan at a base rate of LIBOR+82.000bps. The loan has a maturity of five years,
proceeds are destined for oil palm plantations. Bank of Tokyo Mitsubishi UFJ and
Sumitomo Mitsui Banking Corporation were the only participants, both committing an
estimated US$ 165 million.66

-17-

2.10

Kuala Lumpur Kepong

2.10.1

Overview

The key business of Malaysian company Kuala Lumpur Kepong (“KLK”) are oil palm andrubber plantations, other activities include oleo-chemicals and property development andretailing. The company is listed on the Malaysian stock exchange. In the financial year ending
September 2011, KLK generated total revenues of MYR 10.7 billion (US$ 3.4 billion), resulting
in a net profit of MYR 1.6 billion (US$ 501.8 million).67
With 46.57% Batu Kawan Bhd. is the dominant shareholder of Kuala Lumpur Kepong; Batu
Kawan Bhd. is a listed investment company controlled by the Malaysian Lee family.68
The company has a total landbank of more than 250,000 hectares, 44% of which are located in
Malaysia (Peninsular Malaysia, Sabah), and 56% in Indonesia (Sumatra, Belitung Island,
Central and East Kalimantan). Especially through large new plantations in Indonesia, thecompany is expecting to significantly increase production in the coming years.69 Total plantedarea stood at 204,618 hectares in 2010, of which about 180,000 hectares were dedicated to oilpalm.70 KLK operates several palm oil mills, but no information was found on the exact number
or milling capacity. Two refineries are operated in Malaysia and apparently the company plansto build three refineries in Indonesia.71

2.10.2

Shareholdings

Table 15 presents an overview of the shares of Kuala Lumpur Kepong which are owned or
managed by Japanese institutional investors.
Table 15 Japanese shareholders of Kuala Lumpur Kepong% of allsharesValue(US$ mln)

Filing date

Daiwa Securities Group

0.02

1.50

17 Apr 2012

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.00

0.15

20 Apr 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings
Holdings

0.00

0.11 16 Nov 2011

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.00

0.16

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.01

0.48 31 Dec 2011

Investor

Parent company

Daiwa Asset Management

Source: Thomson One Financial Database, July 2012.

-18-

25 Jan 2012

2.11

Kulim

2.11.1

Overview

Kulim is a Malaysian company primarily active in the palm oil and oleochemical industries. The
company is 57.18% owned by Johor Corporation, Malaysia.72 This is the investment arm ofJohor State, one of the thirteen federal Malaysian states. Besides the palm oil plantation
business Johor Corp. is also active in healthcare, food services, property and logistics.73 In thefinancial year ending December 2011, Kulim generated total revenues of MYR 7.0 billion(US$ 2.2 billion), resulting in a net profit of MYR 1.0 billion (US$ 317.1 million).74
In 2011, Kulim had a total landbank of 173,020 hectares in Malaysia, Papua New Guinea andthe Solomon Islands, of which 118,665 hectares were planted with oil palm. It operates several
oil mills on its estates and an oil refinery in the United Kingdom, processing 3.3 million tonnesof FFB in 2011.75 Operations in Papua New Guinea and the Solomon Islands are a result of thecontrolling 50.68% shareholding in New Britain Palm Oil.76

2.11.2

Shareholdings

Table 16 presents an overview of the shares of Kulim which are owned or managed by
Japanese institutional investors.
Table 16 Japanese shareholders of Kulim% of allsharesInvestor

Parent company

DIAM

Mizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.00

Value
(US$ mln)

Filing date

0.05 30 April 2012

Source: Thomson One Financial Database, July 2012.

2.12

Noble Group

2.12.1

Overview

The Hong Kong-based Noble Group (“Noble”) is a market leader in managing global supply
chains of agricultural, industrial and energy products, including products such as coal, steel,coffee, soybeans and sugar.77 In the financial year ending December 2011, Noble Groupgenerated total revenues of US$ 80.7 billion, resulting in a net profit of US$ 431.3 million.78
Since June 2010, Noble has a 51% majority stake in PT Henrison Inti Persada (a joint venturewith Kayu Lapis Indonesia Group) which added 32,500 hectares of land for palm oil production
in West Papua, Indonesia to the company’s portfolio. Further expansion in the oil palmbusiness is expected.79 At the end of 2011, 9,494 hectares had been planted and a palm oil
mill was under construction. Noble is operating palm oil refineries in China.80

2.12.2

Shareholdings

Table 17 presents an overview of the shares of Noble Group which are owned or managed by
Japanese institutional investors.

-19-

Table 17 Japanese shareholders of Noble Group% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.03

1.97

30 Apr 2012

Daiwa Asset Management

Daiwa Securities Group

0.01

0.33

24 Apr 2012

Daiwa SB Investments

Daiwa Securities Group (44%) &Sumitomo Mitsui Financial
Group (44%)

0.03

2.65

31 Oct 2011

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.02

1.45

26 Jan 2012

Nomura Asset Management

Nomura Holdings

0.01

0.48

30 Apr 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.16

19 Mar 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.01

0.99

29 Feb 2012

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.01

0.58

11 Jan 2012

Tokio Marine AssetManagement

Tokio Marine Group

0.01

0.58

21 Mar 2012

Investor

Parent company

DIAM

Source: Thomson One Financial Database, July 2012.

2.12.3Loans

The following information was found on loans provided by Japanese banks to Noble Groupsince 2010:• In August 2010, Noble obtained a US$ 1.599 billion loan facility. Proceeds were destined toincrease the size of an outstanding US$ 800 million two-year loan signed in May 2009,
extend the maturity until August 2012 and August 2013 in two separate tranches, amend
the interest margins and fees, and for the trade financing requirements of the borrower andits subsidiaries. Bank of Tokyo-Mitsubishi UFJ was part of the syndicate of 26 banks. The
facility consisted of:• A US$ 775 million two-year stand-by facility at a base rate of LIBOR+90.000bps. Bank ofTokyo-Mitsubishi UFJ participated with US$ 35 million.
• A US$ 775 million three-year guarantee facility at a base rate of LIBOR +115.000bps.
Bank of Tokyo-Mitsubishi UFJ participated with US$ 35 million.81• In December 2010, Noble secured a US$ 2,543.07 million revolving credit facility. Proceeds
were destined to refinance the US$ 600 million tranche of a October 2009 loan and forgeneral corporate purposes. Bank of Tokyo-Mitsubishi UFJ was part of the syndicate ofmore than 70 banks.
• Tranche 1 and 2 of US$ 943.45 million and US$ 132 million respectively at a base rate of
LIBOR+135.000bps matured after one year. Bank of Tokyo-Mitsubishi UFJ participatedwith US$ 5.7 million.
• Tranche 3 of US$ 1,426.3 million at a base rate of LIBOR+195.000bps matured after
three years. Bank of Tokyo-Mitsubishi UFJ participated with US$ 14.3 million.82-20-• In July 2011, Noble secured a three-tranche US$ 3,185.44 million revolving credit facility bya syndicate of 68 banks. Proceeds were destined to refinance two tranches of the facility
signed in December 2010, one tranche of a facility signed in October 2009, and a one year
extension of a three-year facility signed in July 2007. Bank of Tokyo Mitsubishi UFJ was
one of 16 bookrunners, Mizuho Corporate Bank participated in the syndicate.
• Tranche 1 of US$ 1,054.8 million at a base rate of LIBOR+120.000bps matured after 364
days. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 26 million. Mizuho
Corporate Bank participated with an estimated US$ 12 million.
• Tranche 2 of US$ 341.4 million at a base rate of LIBOR+120.000bps matured after two
years. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 8,5 million. Mizuho
Corporate Bank participated with an estimated US$ 4 million.
• Tranche 3 of US$ 1,789.2 million at a base rate of LIBOR+180.000bps matured after
three years. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 44.7 million.
Mizuho Corporate Bank participated with an estimated US$ 20.6 million.83• In May 2012, Noble secured a four-tranche US$ 2,363.17 million revolving credit facility bya syndicate of 57 banks. Proceeds were destined to finance existing indebtedness and forgeneral corporate purposes. Bank of Tokyo Mitsubishi UFJ was one of 17 bookrunners,
Mizuho Corporate Bank participated in the syndicate.
• Tranche 1 of US$ 973 million has a 364-day maturity. The base rate is
LIBOR+130.000bps. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 23
million. Mizuho Corporate Bank participated with an estimated US$ 14.5 million.
• Tranche 2 of US$ 992 million has a maturity date of three years. The base rate is
LIBOR+220.000bps. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 23
million. Mizuho Corporate Bank participated with an estimated US$ 14.8 million.
• Tranche 3 of US$ 201.62 million is maturing after 364 days. The base rate is
LIBOR+130.000bps. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 4.7
million. Mizuho Corporate Bank participated with an estimated US$ 3 million.
• Tranche 4 of US$ 195.55 million is maturing after three years. The base rate is
LIBOR+220.000bps. Bank of Tokyo Mitsubishi UFJ committed an estimated US$ 4.6
million. Mizuho Corporate Bank participated with an estimated US$ 2.9 million.84

2.13

Sampoerna Agro2.13.1

Overview

The Sampoerna family, headed by Putera Sampoerna, is one of the richest families inIndonesia. Until 2005, the family controlled PT Hanjaya Mandala Sampoerna Tbk., thesecond-largest producer of (kretek) cigarettes in Indonesia. Besides cigarettes, PT HM
Sampoerna is also active in property, retail, transport and packaging. In a moveunprecedented in Asia, the founding family in March 2005 sold a 40% interest in this company
to the American cigarette manufacturer Philip Morris for US$ 2.0 billion (Rp 18,600 billion).85
Philip Morris then made an offer to the other shareholders and since May 2005 owns 98% of
PT HM Sampoerna.86
In 2005, the Sampoerna family founded PT Sampoerna Strategic and started to build a newconglomerate, investing in toll roads, cement production, plantations, pulp mills and manyother industries across Indonesia. In 2006, the Sampoerna Group acquired the plantationcompanies PT Sungai Rangit and PT Selapan Jaya and their subsidiaries, which were merged
into PT Sampoerna Agro Tbk (“Sampoerna Agro”).87-21-

Sampoerna Agro claims to be one of the leading producers of palm oil and palm kernel inIndonesia. The Company is also one of the few licensed oil palm seed producers in Indonesia.
It was registered as a publicly listed company in the Indonesian Stock Exchange in 2007.
Sampoerna Agri Resources Pte. Ltd. holds 67.05% of the shares.88
In the financial year ending December 2011, Sampoerna Agro generated revenues of Rp
3,142.4 billion (US$ 342.8 million), resulting in a net profit of Rp 540.9 billion (US$ 59.0
million).89
By the end of 2011, Sampoerna Agro oil palm estates totalled 108,543 hectares of plantedarea including plasma estates. There are approximately 20,000 smallholder families managing
more than 47,000 hectares of plasma estates under the company’s guidance. Of the total
landbank, 81,258 hectares are located in South Sumatra, while the remaining 27,285 hectares
are located in Central and West Kalimantan. The company owns and operates six palm oil
mills, of which five are located in Sumatra and one in Kalimantan, and one kernel crushingplant in South Sumatra. Milling capacity is 455 tonnes of FFB per hour and 150 tonnes of palm
kernel per day 90 According to recent media reports, Sampoerna Agro is planning to build arefinery in West Kalimantan.91

2.13.2

Shareholdings

Table 18 presents an overview of the shares of Sampoerna Agro which are owned or managed
by Japanese institutional investors.
Table 18 Japanese shareholders of Sampoerna Agro
% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.00

0.02

30 Apr 2012

Daiwa Asset Management

Daiwa Securities Group

0.12

0.78

17 Apr 2012

Kokusai Asset Management

Mitsubishi UFJ Financial Group

0.07

0.61

22 Jul 2011

Investor

Parent company

DIAM

Source: Thomson One Financial Database, July 2012.

-22-

2.14

Sime Darby

2.14.1

Overview

In 2007, the Malaysian companies Golden Hope Plantations, Kumpulan Guthrie and Sime
Darby were merged into a new organization, called Sime Darby. The operations of thiscompany, with core businesses plantation, property, motors, industrial, energy & utilities andhealthcare, span across more than 20 countries.92 The largest shareholder of Sime Darby is
Permodalan Nasional Berhad, an investment arm of the Malaysian government.93
In the financial year ended June 2011, Sime Darby generated revenues of MYR 41.9 billion(US$ 13.7 billion), resulting in a net profit of MYR 3.7 billion (US$ 1.3 billion).94
At the end of June 2011, the plantation division of Sime Darby owned a total land bank of
937,909 hectares, located in Indonesia, Malaysia and Liberia. In Indonesia, Sime Darby
owned a land bank of 285,571 hectares, of which 207,889 hectares were planted with oil palm.
These plantations consist of 72 estates, 24 palm oil mills and five bulking installations spread
across Sumatra, Kalimantan and Sulawesi. In Malaysia, the total planted area amounted to
314,035 hectares in Peninsular Malaysia, Sabah and Sarawak. Here the company operates 40
palm oil mills and 3 bulking installations.95 Sime Darby is also active in palm kernel crushingand operates eight palm oil refineries, of which three are located in Malaysia, and one each inSingapore, Thailand, Vietnam, The Netherlands and South Africa.96 No figures on total
processing capacity are given.
2.14.2

Shareholdings

Table 19 presents an overview of the shares of Sime Darby which are owned or managed by
Japanese institutional investors.
Table 19 Japanese shareholders of Sime Darby% of allsharesValue($ mln)Filing date

Daiwa Securities Group

0.00

0.34

17 Apr 2012

Daiwa SB Investments

Daiwa Securities Group (44%) &Sumitomo Mitsui Financial
Group (44%)

0.02

3.59

31 Oct 2011

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.00

0.39

26 Jan 2012

Nomura Asset Management

Nomura Holdings

0.00

0.03

30 Apr 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.18 16 Nov 2011

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.00

0.29

Investor

Parent company

Daiwa Asset Management

25 Jan 2012

Source: Thomson One Financial Database, July 2012.

2.14.3Loans

The following information was found on loans provided by Japanese banks to Sime Darby
during the past five years:• In April 2009, Sime Darby Technologies Holdings, a subsidiary of Sime Darby, obtained a
US$ 280 million three-year facility from a syndicate of four banks. The proceeds were used
for working capital requirements and general corporate purposes. Bank of Tokyo
Mitsubishi UFJ and Mizuho Bank both committed US$ 70 million.97

-23-

2.15

TH Plantations

2.15.1

Overview

TH Plantations Berhad (THP) is a palm oil plantation arm of Lembaga Tabung Haji (TH), thePilgrimage Fund Board of Malaysia. The company is listed on the Malaysian stock exchange.
In the financial year ended December 2011, THP generated revenues of MYR 434.8 million(US$ 136.8 million), resulting in a net profit of MYR 149.8 million (US$ 47.1 million).98
As at 31 December 2011, THP's total plantation landbank stood at 39,372 hectares of which or
35,570 hectares were fully planted with palms. The plantations are located in the states ofPahang, Johor, Negeri Sembilan, Terengganu, Sabah and Sarawak.99 The company operates
five palm oil mills with a combined milling capacity of 130 metric tonnes per hour.100
TH Plantations also has a 50% stake in Trurich Resources, a joint venture with the Malaysiancompany Felda Global Ventures. Trurich has a total plantation land bank of approximately
41,999 hectares in East and Central Kalimantan, Indonesia.101

2.15.2

Shareholdings

Table 20 presents an overview of the shares of TH Plantations which are owned or managed
by Japanese institutional investors.
Table 20 Japanese shareholders in TH Plantations
Investor

Parent company

DIAM

Mizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)% of allsharesValue(US$ mln)

Filing date

0.00

0.01

30 Apr 2012

Source: Thomson One Financial Database, July 2012.

2.16

Triputra Agro2.16.1

Overview

Triputra Agro Persada (TAP), formed in 2005, owns oil palm and rubber plantations, and is partof the private Indonesian Triputra Group. TAP is for 61.11% under the control of Triputra
Investindo Arya and PT Daya Adicipta Mustika, both of which Indonesian businessman
Theodore P. Rachmat established. The company’s remaining 38.89% shares are in the handsof Persada Capital Investama, which businessman Benny Subianto established.102 No details
on the financial performance of the company are available.
TAP claims to be the 8th largest producer of palm oil in Indonesia with 175,000 ha undercultivation. The company has a land bank of 388,000 ha of palm oil estates and plans to
expand this to 600,000 ha by 2020.103 As of October 2011, TAP operated two crude palm oil
mills with a combined processing capacity of 105 tons per hour, with an additional mill underconstruction that will add a capacity 60 tons an hour.104-24-

2.16.2

Loans

The following information was found on loans provided by Japanese banks to Triputra Agroduring the past five years:• In October 2011, Triputra Agro signed a five-year syndicated term loan with a total value of
US$ 260.0 million. The facility included an option for a two-year extension of the maturity.
Bank of Tokyo-Mitsubishi UFJ as one of eight participants in the syndicate took US$28.0
million of the facility. Proceeds from the loan are to refinance existing debt in Indonesianrupiah, as well as capital expenditure, investments and acquisitions; these include theacquisition of five mature oil palm plantations and the construction of two palm oil mills.
Triputra Agro borrowed the funds jointly with subsidiaries Agro Multi Persada, Brahma
Binabakti, Dwiwira Lestari Jaya, Etam Bersama Lestari, Gawi Bahandep Sawit Mekar andMuaratoyu Subur Lestari.105

2.17

Wilmar International

2.17.1

Overview

Wilmar International (“Wilmar”), based in Singapore, engages in the businesses of oil palm
cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing andmerchandising, specialty fats, oleochemicals, biodiesel manufacturing, and grains processing
and merchandising. The company is one of the largest oil palm plantation owners and thelargest palm oil refiner in Indonesia and Malaysia.106
Wilmar Holdings Pte. Ltd. was founded in 1991 in Singapore as a private company. The
company was owned by Kuok Khoon Hong, a nephew of the Malaysian tycoon Robert Kuok,
and the Indonesian businessman Martua Sitorus.107 In August 2006 Wilmar International, waslisted on the Singapore stock exchange.108 In June 2007, Wilmar completed a major merger
with the oil palm and edible oil operations of the Kuok Group.109
Since 2009, U.S. company Archer Daniel Midlands (ADM), through its wholly-owned
subsidiary ADM Asia Pacific, is a substantial shareholder (16.4%) of Wilmar International.
ADM is one of the largest traders and processors of food commodities in the world. ADM’splants in the United States, Europe and China are supplied with palm oil and palm kernel oil toproduce numerous types of special food ingredients.110
In the financial year ended December 2011, Wilmar generated revenues of US$ 44.7 billion,
resulting in a net profit of US$ 1.6 billion.111
At the end of December 2011, Wilmar owned a total planted area of 247,081 hectares of oilpalm, of which 74% located in Indonesia and 24% in East Malaysia and 2% in Africa. It also
manages more than 38,000 hectares of plasma plantations.112 Wilmar and its various
subsidiaries operated 98 palm and lauric oils refineries in 2011, of which 23 in Indonesia and13 in Malaysia. The total refining capacity for palm oil and soft oils stood at 23 million tons per
year.113 The exact number of CPO mills and palm kernel processing facilities and theircapacities are not mentioned by the company.

2.17.2

Shareholdings

Table 21 presents an overview of the shares of Wilmar International which are owned or
managed by Japanese institutional investors.

-25-

Table 21 Japanese shareholders in Wilmar International% of allsharesValue(US$ mln)

Filing dateMizuho Financial Group (50%) &Dai-Ichi Life Insurance (50%)

0.01

2.42

29 Feb 2012

Daiwa Asset Management

Daiwa Securities Group

0.00

0.22

24 Apr 2012

Daiwa SB Investments

Daiwa Securities Group (44%) &Sumitomo Mitsui Financial
Group (44%)

0.01

2.03

31 Oct 2011

Mitsubishi UFJ AssetManagement

Mitsubishi UFJ Financial Group

0.01

2.53

26 Jan 2012

Nissay Asset Management

Nippon Life Insurance

0.00

0.00

5 Mar 2012

Nomura Asset Management

Nomura Holdings

0.00

1.00

30 Apr 2012

Nikko Asset Management

Sumitomo Mitsui Trust Holdings

0.00

0.29

10 Apr 2012

Sumitomo Mitsui Trust AssetManagement

Sumitomo Mitsui Trust Holdings

0.01

1.76

29 Feb 2012

Sumitomo Mitsui AssetManagement

Sumitomo Life Insurance (40%),
MS&AD (27.5%), Sumitomo
Mitsui Financial Group (27.5%)

0.01

1.55

11 Jan 2012

Tokio Marine AssetManagement

Tokio Marine Group

0.00

0.58

21 Mar 2012

Investor

Parent company

DIAM

Source: Thomson One Financial Database, July 2012.

2.17.3Loans

The following information was found on loans provided by Japanese banks to Wilmar during
the past five years:• In September 2008, Wilmar Trading (China), a subsidiary of Wilmar International, secured a
US$ 380 million one-year floating-rate loan with an option for one year extension. The
proceeds were intended to be used for working capital requirements. In the syndicate offour banks Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo
Mitsui Canking Corporation committed an estimated US$ 95 million each.114• In November 2010, Wilmar secured a US$1.9 billion five-year acquisition financing from a
syndicate of twelve banks. The proceeds were used to finance the acquisition of Australiansugar company Sucrogen. The loan was divided in seven tranches:• A US$ 300 million one-year term loan at a base rate of LIBOR+42.500bps;• A US$ 400 million two-year term loan at a base rate of LIBOR+62.500bps;• A US$ 400 million three-year term loan at a base rate of LIBOR+77.500bps;• A US$ 200 million five-year term loan at a base rate of LIBOR+92.500bps;• A US$ 202.4 million one-year working capital facility at a base rate of Bank Bill
Swap+52.500bps;• A US$ 202.4 million 2-year working capital facility at a base rate of Bank Bill
Swap+72.500bps;• A US$ 202.4 million 3-year working capital facility at a base rate of Bank Bill
Swap+87.500bps.
Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ bothparticipated with an estimated US$ 114.2 million.115-26-

• In June 2011, Wilmar International announced that its wholly owned subsidiary Wii Pte Ltd.,obtained a US$ 1,614 million facility from a consortium of 24 banks. The proceeds weredestined for general corporate purposes and working capital requirements of the Wilmar
Group. Sumitomo Mitsui Banking Corporation was one of six bookrunners, Mizuho
Corporate Bank and Bank of Tokyo-Mitsubishi UFJ participated as well. The loan was
divided in three tranches:• A US$ 614 million one-year tranche at a base rate of LIBOR+75.000bps. Sumitomo
Mitsui Banking Corporation committed US$ 46 million. Bank of Tokyo-Mitsubishi UFJ
and Mizuho Corporate Bank participated with US$ 50 million each.
• A US$ 500 million two-year tranche at a base rate of LIBOR+100.000bps. Sumitomo
Mitsui Banking Corporation committed US$ 53 million. Bank of Tokyo-Mitsubishi UFJ
and Mizuho Corporate Bank participated with US$ 50 million each.
• A US$ 500 million three-year tranche at a base rate of LIBOR+120.000bps. Sumitomo
Mitsui Banking Corporation committed US$ 51 million. Bank of Tokyo-Mitsubishi UFJ
and Mizuho Corporate Bank participated with US$ 50 million each.116• In October 2011, Wilmar obtained a US$ 500 million one-year term loan. The deal is anamendment to the US$ 300 million tranche of the 2010 loan and will also be used forrefinancing. Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation
were part of the syndicate of twelve banks, participating with an estimated US$ 27 million
each.117-27-

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-28-

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67

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68

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69

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70

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71

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72

Kulim, “Annual Report 2011”, Kulim, 1 June 2012.

73

Joho Corporation, “Core Business”, Website Johor Corporation (www.jcorp.com.my/business-14.aspx),
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74

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75

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76

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77

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80

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85

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86

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87

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88

Sampoerna Agro, “About Us”, Website Sampoerna Agro(www.sampoernaagro.com/index.php?page=about&tuid=1&lang=en), viewed in July 2012; Thomson One
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89

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90

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Kurniawan, H., “Sampoerna Agro to spend Rp 1.1t on land”, Jakarta Globe, 21 June 2012(www.thejakartaglobe.com/corporatenews/sampoerna-agro-to-spend-rp-11t-on-land/525365), viewed inJune 2012.

92

Sime Darby Bhd., “About us”, Website Sime Darby (www.simedarby.com/Corporate_Information.aspx),
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93

Sime Darby Bhd., “Annual Report 2011”, Sime Darby Bhd., 18 October 2011.

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Sime Darby Bhd., “Annual Report 2011”, Sime Darby Bhd., 18 October 2011.

95

Sime Darby, “Annual Report 2011”, Sime Darby., 18 October 2011.

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97

International Financing Review, “Malaysia: Sime Darby signed”, International Financing Review, IFR 1782, 9
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98

TH Plantations, “Annual Report 2011”, TH Plantations, 3 April 2012.

99

TH Plantations, “Plantations Updates – Area statement”, Website TH Plantations(www.thplantations.my/area_sta.asp), viewed in July 2012.

100 TH Plantations, “Home”, Website TH Plantations (www.thplantations.my/index.asp), viewed in July 2012.
101 Trurich Resources, “About Trurich Resources”, Website Trurich Resources (trurich.info/about), viewed in July
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102 Thomson Reuters, IFRAsia 721/29; Triputra Agro Persada, “Corporate structure”, Website Triputra Agro
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103 Triputra Group, “Agribusiness”, Website Triputra Group(www.triputra-group.com/page/businesses_institution/agribusiness), viewed in July 2012.
104 Agro Asia, “Triputra gets US$260 million syndicated loan”, Agro Asia, 26 October 2011(www.agroasianews.com/news/corporate-news/11/10/26/triputra-gets-us260-million-syndicated-loan),viewed in July 2012.

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105 Thomson One Database, “Tearsheet 2785870115”, Thomson One Database, 5 October 2011; The Indonesia
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106 Wilmar International, “Corporate Profile”, Website Wilmar International(www.wilmarinternational.com/about_index.htm), viewed In July 2012.
107 Ezyhealth Asia Pacific, “Press release: Ezyhealth set to transform into a billion dollar palm oil agri-business”,
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108 Wilmar International, “Corporate Profile”, Website Wilmar International(www.wilmarinternational.com/about_index.htm), viewed In July 2012.
109 Wilmar International, “Annual Report 2007”, Wilmar International, April 2008; Wilmar International,“Announcement”, Wilmar International, 28 June 2007.
110 Archer Daniel Midlands, “Annual Report 2011”, Archer Daniel Midlands, 2012.
111 Wilmar International, “Consolitated financial information of the group”, Website Wilmar International(www.wilmar-international.com/investor_index.htm), viewed in July 2012.
112 Wilmar International, “Annual Report 2011”, Wilmar International, March 2011.
113 Wilmar International, “Annual Report 2011”, Wilmar International, March 2011; Wilmar International,“Merchandising and Processing – Palm and Lauric Oils”, Website Wilmar International(www.wilmarinternational.com/business_merchandising-processing.htm), viewed in July 2012.
114 Wilmar International, “USD 380,000,000 One-Year Committed Term Loan Facility With Option For One Year
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115 Thomson One Database, “Tearsheet 2620578115”, Thomson One Database, 8 November 2010.
116 Wilmar International, “Upsizing and Signing of Documentation for Syndicated Revolving Credit Facilities”,
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117 Thomson One Database, “Tearsheet 2787717115”, Thomson One Database, 31 October 2011.

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