Wilmar Discloses Sales to Six Firms in Singapore Haze Inquiry

Daily IntELigence Brief | 2 November 2026

Implications: High — Indonesian plantation and forestry groups, their Singapore affiliates, lenders and investors. A disclosed commercial link to a notice recipient now gives assessors a specific transaction trail to test, even where the supplier denies operational involvement.

Summary: Wilmar updated its Singapore Exchange response on 31 October to disclose IDR371,289.9 million (approximately US$22.5 million) of 2025 fertiliser and heavy-equipment diesel sales to six Indonesian companies served haze notices. Separately, five Singapore-registered groups agreed to engage independent assessors; Kencana Agri confirmed its own participation in a 1 November filing. These steps move the inquiry from identifying possible links to examining records and relationships, without establishing liability. Wilmar filing · NEA statement

Context: The 31 October E&L brief covered Singapore's selection of a seven-member assessment panel. The new development is Wilmar's quantified customer disclosure and named companies' commitments to use that panel.

What changed. Wilmar's 31 October update to its 28 October SGX response says none of the ten Indonesian notice recipients is its subsidiary. It says it has no operational or supply-chain relationship with six of them, but sold fertiliser and diesel products to PT Bumi Andalas Permai, PT Bumi Mekar Hijau, PT Paramitra Mulia Langgeng, PT SBA Wood Industries, PT Buana Megatama Jaya and PT Baratama Putra Perkasa. The stated IDR371,289.9 million is 2025 sales revenue, not a fine, provision or estimate of liability. Wilmar filing On 31 October, NEA said Wilmar, Golden Agri-Resources, APP Company, APP Company (China) and Indofood Agri Resources had agreed to engage assessors. Kencana's 1 November SGX filing confirms that it had written to NEA on 30 October agreeing to do so voluntarily at its own cost. NEA statement · Kencana filing

Why it matters. Singapore says assessors will review operations, supply chains and corporate relationships, report to NEA, and be paid by the companies under review. Ministry of Home Affairs transcript In E&L's assessment, plantation groups and their financiers should reconcile customer, supplier and concession records across Indonesian and Singapore entities before relying on a statement that no operational link exists. The disclosed sales do not themselves show that Wilmar caused or contributed to any fire; any effect on financing terms, valuation or contracts remains contingent on the assessment findings and subsequent decisions. CNA's account of the assessment process

What to watch. The assessors' appointments and reports, NEA's response to their findings, and the proposed Singapore haze-law amendments at the next parliamentary sitting. Ministry of Law/NEA panel announcement

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