SGX Market Updates

Highlights of Foreign Family Empires Listed on SGX


PUBLISHED ON |

09 May 2019

  • SGX lists 16 companies and 8 trusts associated with 5 foreign family empires – 3 Indonesian, 1 Thai, and 1 British – which have a combined market capitalisation of more than S$220 billion. 

  • The Indonesian business empires are associated with the Widjaja, Riady and Salim families, while Thai corporate ownership is represented by the Sirivadhanabhakdis, and the Jardine Group of companies is owned by the Scottish/British Keswick family.

  • These 16 companies and eight trusts are involved in businesses ranging from real estate development and investment, including REITs, to food and beverage manufacturing and processing, agriculture, hospitality, commodities, utilities, and healthcare.




SGX lists 16 companies and 8 trusts associated with 5 foreign family empires – 3 Indonesian, one Thai, and one British – which have a combined market capitalisation of more than S$220 billion. The Indonesian business empires are associated with the Widjaja, Riady and Salim families, while Thai corporate ownership is represented by the Sirivadhanabhakdis, and the Jardine Group of companies is owned by the Scottish/British Keswick tai-pans.

These 16 companies and 8 trusts are involved in businesses ranging from real estate development and investment, including REITs, to food and beverage manufacturing and processing, agriculture, hospitality, commodities, utilities, and healthcare.

The tables below detail the 5 foreign family empires and their individual companies listed on SGX, with executives who are on their respective boards.



WIDJAJA FAMILY

Name Executive Position on Board
GOLDEN AGRI-RESOURCES Franky Widjaja Chairman and CEO
  Muktar Widjaja Executive Director and President
GOLDEN ENERGY & RESOURCES Fuganto Widjaja Executive Director and CEO
SINARMAS LAND Franky Widjaja Executive Chairman
Muktar Widjaja Executive Director and CEO
Margaretha Widjaja Executive Director


RIADY FAMILY

Name Executive Position on Board
LIPPO MALLS INDONESIA RETAIL TRUST  NIL
OUE LTD Stephen Riady Executive Chairman
  Brian Riady CEO, Hospitality and Food & Lifestyle
OUE LIPPO HEALTHCARE Stephen Riady Non-Independent and Non-Executive Director
OUE COMMERCIAL REIT  NIL
OUE HOSPITALITY TRUST  NIL
FIRST REIT  NIL


SALIM FAMILY

Name Executive Position on Board
INDOFOOD AGRI RESOURCES^ Axton Salim Non-Executive Director
MOYA HOLDINGS ASIA  NIL
FOOD EMPIRE  NIL
QAF LTD  NIL


SIRIVADHANABHAKDI FAMILY

Name Executive Position on Board
THAI BEVERAGE PCL Charoen Sirivadhanabhakdi Chairman
  Khunying Wanna Sirivadhanabhakdi Vice Chairman
  Thapana Sirivadhanabhakdi President and CEO
  Panote Sirivadhanabhakdi Director
FRASER AND NEAVE Charoen Sirivadhanabhakdi Chairman
  Khunying Wanna Sirivadhanabhakdi Vice Chairman
  Thapana Sirivadhanabhakdi Non-Independent and Non-Executive Director
FRASERS LOGISTICS & INDUSTRIAL TRUST Panote Sirivadhanabhakdi Non-Executive Director
FRASERS CENTREPOINT TRUST  NIL
FRASERS COMMERCIAL TRUST  NIL
FRASERS HOSPITALITY TRUST Panote Sirivadhanabhakdi Non-Executive Director
FRASERS PROPERTY Panote Sirivadhanabhakdi Group CEO
Charoen Sirivadhanabhakdi Non-Executive and Non-Independent Chairman
Khunying Wanna Sirivadhanabhakdi Non-Executive and Non-Independent Vice Chairman


KESWICK FAMILY

Name Executive Position on Board
JARDINE MATHESON Ben Keswick Executive Chairman and Managing Director
  Adam Keswick Executive Director
  Simon Keswick Executive Director
JARDINE STRATEGIC Ben Keswick Executive Chairman and Managing Director
  Adam Keswick Executive Director
  Simon Keswick Executive Director
JARDINE CYCLE & CARRIAGE Ben Keswick Chairman
HONGKONG LAND Ben Keswick Executive Chairman and Managing Director
  Adam Keswick Executive Director
  Simon Keswick Executive Director
DAIRY FARM INTL Ben Keswick Executive Chairman and Managing Director
  Adam Keswick Executive Director
  Simon Keswick Executive Director
MANDARIN ORIENTAL Ben Keswick Executive Chairman and Managing Director
Adam Keswick Executive Director
Simon Keswick Executive Director

Source: Company annual reports.
^ Note: Salim-controlled PT IndoFood Sukses Makmur last month unveiled a cash offer to buy out Indofood Agri-Resources and take it private




Widjaja Family

  • Franky Widjaja is a son of Eka Tjipta Widjaja, founder of one of Indonesia's largest conglomerates, the Sinar Mas Group.
  • The senior Widjaja, who passed away at the age of 98 in January this year, was ranked by Forbes as the third-richest person in Indonesia in 2018, with an estimated net worth of US$8.6 billion. A former immigrant from China, he founded Sinar Mas in 1962 and built it into a conglomerate with interests in the paper, agribusiness, real estate, financial services and telecoms industries.
  • The Widjaja family owns stakes in SGX-listed Golden Energy and Resources, Golden Agri-Resources and Sinarmas Land through various vehicles, including the Widjaja Family Master Trust, Ascent Wealth Investment, Massingham International and Flambo International, recent annual reports of these companies showed.
  • The Widjaja family members also hold various positions on the boards of these companies – Fuganto Widjaja and Muktar Widjaja are Franky’s nephew and brother respectively, while Margaretha Widjaja is Muktar’s daughter.


Riady Family

  • Stephen Riady is a son of Mochtar Riady, founder of the Lippo Group with estimated US$8 billion in annual revenues. Mochtar Riady was ranked by Forbes as the 12th-richest person in Indonesia last year with a net worth of US$2.3 billion. Today, Lippo Group's interests include real estate, retail, healthcare, media and education.
  • Through various vehicles, the Riady family owns interests in SGX-listed OUE Ltd, OUE Lippo Healthcare, Lippo Malls Indonesia Retail Trust, OUE Commercial REIT, OUE Hospitality Trust and First REIT. These vehicles include PT Lippo Karawaci, Lippo Capital, Golden Concord Asia, Bridgewater International, and Pacific Landmark, according to shareholding data from the respective company annual reports.
  • Stephen Riady and his son Brian hold board positions in OUE Lippo Healthcare and OUE Ltd.


Salim Family

  • Anthoni Salim controls the Salim Group, a family-run holding company with investments in the food, banking, automotive, and real estate sectors. He is the youngest son of Liem Sioe Liong, who immigrated to Indonesia from China in the 1930s and adopted the Indonesian name Sudono Salim.
  • The Jakarta-based group owns stakes in businesses ranging from SGX-listed Indofood Agri Resources and Hong Kong-listed First Pacific Company to Indonesia’s largest instant noodle-maker Indofood Sukses Makmur, and the country’s biggest bank by market value, Bank Central Asia. The Salim family was ranked by Forbes as the fifth-richest in Indonesia in 2018, with a net worth of US$5.3 billion.
  • Apart from their family-run companies, the Salims have also acquired stakes in other SGX-listed firms, such as Food Empire, Moya Holdings and QAF. According to Food Empire and Moya’s most recent annual reports, Anthoni Salim holds a deemed interest of 24.72% in the food and beverage manufacturer, and a deemed interest of 72.84% in the Indonesia-based water treatment company. Anthoni’s brother, Andree Halim, also has a deemed interest of 60.28% in SGX-listed QAF, according to the company’s most recent annual report.
  • Anthoni’s son, Axton, is the Non-Executive Director of IndoFood Agri-Resouces. Note that Salim-controlled PT IndoFood Sukses Makmur last month unveiled a cash offer to buy out Indofood Agri and take it private.


Sirivadhanabhakdi Family

  • Charoen Sirivadhanabhakdi is the founder and chairman of TCC Group, a Thai beverage and real estate conglomerate. He was ranked by Forbes as Thailand’s fourth-richest man in 2018, with a net worth of US$17.4 billion.
  • A number of privately held companies – including Sriwana Company and MM Group – in which Charoen and his wife Khunying Wanna jointly hold stakes, are substantial shareholders in various SGX-listed companies – Thai Beverage PCL, Fraser and Neave, and Frasers Logistics & Industrial Trust, Frasers Centrepoint Trust, Frasers Commercial Trust, Frasers Hospitality Trust, and Frasers Property. Units of Charoen’s TCC Group, including TCC Assets and TCC Group Investments, also hold stakes in these SGX-listed firms.
  • Charoen’s sons – Thapana and Panote Sirivadhanabhakdi – also own deemed stakes in these companies, according to shareholding data from their most recent annual reports.


Keswick Family

  • Simon Keswick is the fourth-generation descendant of William Keswick, who founded the Keswick family dynasty that was linked to the Jardines Group by marriage. Of Scottish origin, the Keswick dynasty has been associated with the Far East since the 1850s, while Jardine, Matheson & Co was founded in China, in the 1830s by Scotsmen William Jardine and James Matheson.
  • Jardine Matheson is a British conglomerate incorporated in Bermuda and headquartered in Hong Kong, with its primary listing on the London Stock Exchange and secondary listings on SGX and the Bermuda Stock Exchange. The group’s portfolio of businesses across Asia Pacific includes engineering, construction, auto dealerships, insurance services, property, hospitality, consumer goods.
  • Simon Keswick, together with his son Ben, and nephew Adam, hold various board positions in Hongkong Land, Mandarin Oriental, Dairy Farm and Jardine Matheson, which are secondary listed on SGX. For primary-listed automotive distributor Jardine Cycle & Carriage, Ben Keswick holds the position of Chairman on its board.
  • Jardine Strategic Holdings is a substantial shareholder in Jardine Cycle & Carriage, Hongkong Land, Mandarin Oriental, Dairy Farm and Jardine Matheson. The latter in turn is a major shareholder of Jardine Strategic.
  • Jardine Matheson, Jardine Strategic, Jardine C&C and Hongkong Land are constituents of Singapore’s benchmark Straits Times Index (STI).


The table below details the companies and trusts associated with the five foreign family empires that are listed on SGX, sorted by market capitalisation.

Name SGX
Code
Market
Cap
S$m
JARDINE MATHESON J36 65,240
JARDINE STRATEGIC J37 57,808
HONGKONG LAND H78 22,641
THAI BEVERAGE Y92 20,468
DAIRY FARM INTL D01 14,436
JARDINE CYCLE & CARRIAGE C07 13,806
FRASERS PROPERTY TQ5 5,402
GOLDEN AGRI-RESOURCES E5H 3,757
MANDARIN ORIENTAL M04 3,270
FRASER AND NEAVE F99 2,579
FRASERS LOGISTICS & INDUSTRIAL TRUST BUOU 2,328
FRASERS CENTREPOINT TRUST J69U 2,194
OUE COMMERCIAL REIT TS0U 1,415
FRASERS HOSPITALITY TRUST ACV 1,386
FRASERS COMMERCIAL TRUST ND8U 1,336
OUE HOSPITALITY TRUST SK7 1,321
SINARMAS LAND A26 1,064
FIRST REIT AW9U 769
LIPPO MALLS INDONESIA RETAIL TRUST D5IU 608
GOLDEN ENERGY & RESOURCES AUE 529
INDOFOOD AGRI RESOURCES^ 5JS 391
MOYA HOLDINGS ASIA 5WE 336
OUE LIPPO HEALTHCARE 5WA 289
FOOD EMPIRE F03 278
Total 223,651

Source: Bloomberg & StockFacts (data as of 7 May 2019).
^ Note: Salim-controlled PT IndoFood Sukses Makmur last month unveiled a cash offer to buy out Indofood Agri-Resources and take it private







This article is provided by SGX My Gateway.



SGX My Gateway

SGX's investor education portal with market, product and investment information and events. Sign up now at sgx.com/mygateway to receive our investment updates and economic calendar.

This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject Singapore Exchange Limited (“SGX”) to any registration or licensing requirement. This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document is for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document is entirely at the reader’s own risk. Further information on this investment product may be obtained from www.sgx.com. Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Examples provided are for illustrative purposes only. While each of SGX and its affiliates (collectively, the SGX Group Companies) have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document. The information in this document may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties. The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. SGX is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document is subject to change without notice. This document shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent.












Stock / REIT Search

Advertisement

Advertisement