4: GOLDEN AGRI RESOURCES

Two of the largest oil palm plantation companies in the world — Golden Agri Resources (GAR) and Wilmar International (Wilmar), are listed on the Singapore Exchange (SGX). Of these two companies, GAR’s business model is relatively simpler as its oil palm business is the largest contributor to its revenues and margins and its China-based soybean and deep sea port businesses are much smaller. GAR, Wilmar and Olam International (Olam) are three agri-business companies listed on the SGX. The three chapters covering GAR, Wilmar and Olam will enable readers to understand the different types of agri-business companies i.e., whether an agri-business company is engaged in upstream, downstream or integrated operations and/or supply chain management, and the impact of the business model on profitability, capital structure and stock returns.