# EDGAR Filing Document

**Accession Number:** 0001949478
**File Stem:** 0001683168-25-009409
**Filing Date:** 2025-12
**Character Count:** 22470
**Document Hash:** e410c6fa2b07148869a0e746ef182aa2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-009409.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001683168-25-009409

**CONFORMED SUBMISSION TYPE**: 20-F/A

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS COMMODITIES Ltd
- **CENTRAL INDEX KEY:** 0001949478
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41804
- **FILM NUMBER:** 251611824

**BUSINESS ADDRESS:**
- **STREET 1:** 10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 658079
- **BUSINESS PHONE:** 65-6893 5333

**MAIL ADDRESS:**
- **STREET 1:** 10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 658079

?xml version='1.0' encoding='ASCII'? Davis Commodities Limited 20-F

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**AMENDMENT NO. 1**

**FORM 20-F**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2024**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

Commission file number: 001-41804

**Davis Commodities Limited**

(Exact name of Registrant as specified in its charter)

**N/A**

(Translation of Registrant's name into English)

**Cayman Islands**

(Jurisdiction of incorporation or organization)

**10 Bukit Batok Crescent, #10-01, The Spire**

**Singapore 658079**

(Address of principal executive offices)

**Ai Imm Lim, Group Financial Controller**

**Telephone: +65 6896 5333**

**Email: imm@daviscl.com**

**At the address of the Company set forth above**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

**Securities registered or to be registered pursuant to Section 12(b) of the Act.**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Ordinary Shares** | **DTCK** | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act.

**None**

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

**None**

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

An aggregate of 24,500,625 ordinary shares, par value $0.000000430108 per share, as of December 31, 2024.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large-accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large-accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large-accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D 1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other ☐

\* If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

**EXPLANATORY NOTE**

Davis Commodities Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the "Company"), is filing this Amendment No. 1 (the "Amendment No. 1") on Form 20/A to amend its Annual Report on Form 20-F for the year ended December 31, 2024 (the "Original Form 20-F"), which was originally filed with the Securities and Exchange Commission ("SEC") on April 30, 2025.

This Amendment No. 1 is being filed solely to include (i) Exhibit 15.1 (Consent of AOGB CPA Limited ("AOGB")) which was inadvertently omitted in the Original Form 20-F, and (ii) Exhibit 15.2 (Consent of Onestop Assurance PAC ("Onestop")) which was inadvertently omitted in the Original Form 20-F. These consents are included with this Amendment No. 1.

This Amendment No. 1 speaks as of the date of the Original Form 20-F. Except as described above, the Company has not modified or updated disclosures made in the Original Form 20-F in this Amendment No. 1. Accordingly, this Amendment No. 1 does not reflect events occurring after the filing of the Original Form 20-F or modify or update any disclosures affected by subsequent events.

This Amendment No. 1 consists of a cover page, this explanatory note, the signature page, Exhibits 12.1 and 12.2 (new certifications by the Company's principal executive officer and principal financial officer as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended) and the updated Exhibits 15.1 and 15.2.

**PART III**

**Item 19. EXHIBITS**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Second Amended and Restated Memorandum and Articles of Association](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex0301.htm) (incorporated by reference to Exhibit 3.1 of our Registration Statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 2.1 | [Specimen Certificate for Ordinary Shares](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex0401.htm) (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 2.2# | [Description of Securities](https://www.sec.gov/Archives/edgar/data/1949478/000168316825002971/davis_ex0202.htm) |
| 4.1 | [Form of Employment Agreement by and between executive officers and the Registrant](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex1001.htm) (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 4.2 | [Form of Indemnification Agreement with the Registrant's directors and officers](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex1002.htm) (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 4.3 | [Exclusive Distribution Agreement by and between Thai Roong Ruang Sugar Group and LP Grace Pte. Ltd.](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex1003.htm) (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 4.4 | [Exclusive Distribution Agreement by and between Tong Seng Produce Pte. Ltd. and Maxwill Foodlink Pte. Ltd](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex1004.htm). (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 4.5# | [Tenancy Agreement, by and between Maxwill (Asia) Pte. Ltd. and EPG Engineering (Singapore) Pte Ltd.](https://www.sec.gov/Archives/edgar/data/1949478/000168316825002971/davis_ex0405.htm) |
| 8.1 | [List of subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/1949478/000168316824003504/davis_ex0801.htm) (incorporated herein by reference to Exhibit 8.1 to the Form 20-F (File No. 001-41804), filed with the Securities and Exchange Commission on May 15, 2024) |
| 11.1 | [Code of Business Conduct and Ethics of the Registrant](https://www.sec.gov/Archives/edgar/data/1949478/000168316823001404/davis_ex9901.htm) (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-270427), as amended, initially filed with the Securities and Exchange Commission on March 9, 2023) |
| 11.2 | [Insider Trading Compliance Manual of the Registrant](http://www.sec.gov/Archives/edgar/data/1949478/000168316824003504/davis_ex1102.htm) (incorporated herein by reference to Exhibit 11.2 to the Form 20-F (File No. 001-41804), filed with the Securities and Exchange Commission on May 15, 2024) |
| 12.1\* | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](davis_ex1201.htm) |
| 12.2\* | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](davis_ex1202.htm) |
| 13.1# | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](https://www.sec.gov/Archives/edgar/data/1949478/000168316825002971/davis_ex1301.htm) |
| 13.2# | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](https://www.sec.gov/Archives/edgar/data/1949478/000168316825002971/davis_ex1302.htm) |
| 15.1\* | [Consent of AOGB CPA Limited](davis_ex1501.htm) |
| 15.2\* | [Consent of OneStop Assurance PAC](davis_ex1502.htm) |
| 97.1 | [Compensation Recovery Policy of the Registrant](http://www.sec.gov/Archives/edgar/data/1949478/000168316824003504/davis_ex9701.htm) (incorporated herein by reference to Exhibit 97.1 to the Form 20-F (File No. 001-41804), filed with the Securities and Exchange Commission on May 15, 2024) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

# Incorporated by reference to Exhibits to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 30, 2025.

\*Filed with this Amendment No. 1 to the annual report on Form 20-F

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | Davis Commodities Limited | Davis Commodities Limited |
|  | By: | */s/ Li Peng Leck* |
|  |  | Li Peng Leck |
|  |  | Executive Chairwoman and Executive Director |
|  |  | (Principal Executive Officer) |
| Date: December 30, 2025 |  |  |

---

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Li Peng Leck, certify that:

1. I have reviewed this Amendment No. 1 to the annual report on Form 20-F of Davis Commodities Limited (the "Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: December 30, 2025

---

| | |
|:---|:---|
| By: | */s/ Li Peng Leck* |
| Name: | Li Peng Leck |
| Title: | Executive Chairwoman and Executive Director (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Ai Imm Lim, certify that:

1. I have reviewed this Amendment No. 1 to the annual report on Form 20-F of Davis Commodities Limited (the "Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: December 30, 2025

---

| | |
|:---|:---|
| By: | */s/ Ai Imm Lim* |
| Name: | Ai Imm Lim |
| Title: | Group Financial Controller (Principal Accounting and Financial Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

![](image_001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in the Registration Statement of Davis Commodities Limited and its subsidiaries (collectively the "Company") on Form F-3 (No. 333-286042) of our report dated on April 30, 2025, relating to our audits of the accompanying consolidated balance sheets of the Company as of December 31, 2024, and the related consolidated statements of operations and comprehensive income (loss), stockholders' equity and cash flows for the year ended December 31, 2024, appearing in its Annual Report on Form 20-F for the year ended December 31, 2024.

/s/ AOGB CPA Limited

Hong Kong, Hong Kong

December 30, 2025

## Exhibit 15.2

**Exhibit 15.2**

---

| | |
|:---|:---|
| ![](image_062.jpg) | **Onestop Assurance PAC**<br> **Co. Registration No.: 201823302D**<br> **10 Anson Road #21-14**<br> **International Plaza Singapore, 079903**<br> **Email:** **audit@onestop-audit.com** <br> **Website:** **www.onestop-audit.com** |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the registration statement No. 333-286042 on Form F-3 of Davis Commodities Limited (the "Company") of our report dated May 15, 2024, with respect to the consolidated financial statements of the Company appearing in its Annual Report on Form 20-F of the Company for the year ended December 31, 2023.

/s/ OneStop Assurance PAC

Singapore

December 30, 2025