SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

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Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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<ul>
<li>
SGX lists 18 companies and eight trusts associated with five foreign family empires – three Indonesian, one Thai, and one British – which have a combined market capitalisation of more than S$220 billion. 
	 </li>
	<li>
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 controlled by the Scottish/British Keswick tai-pans. 
	 </li>
	<li>These 18 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.</li>
</ul>
SGX lists at least 18 companies and eight trusts associated with five foreign family empires – three 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 controlled by the Scottish/British Keswick tai-pans.

These 18 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.

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

 WIDJAJA FAMILY

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Executive
			</td>
			<td>
			Position on Board 
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESOURCES
			</td>
			<td>
			Franky Widjaja
			</td>
			<td>
			Chairman and CEO
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Muktar Widjaja
			</td>
			<td>
			Executive Director and President
			</td>
		</tr>
<tr>
<td>
			GOLDEN ENERGY &amp; RESOURCES 
			</td>
			<td>
			Fuganto Widjaja
			</td>
			<td>
			Executive Director and CEO
			</td>
		</tr>
<tr>
<td>
			SINARMAS LAND 
			</td>
			<td>
			Franky Widjaja
			</td>
			<td>
			Executive Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Muktar Widjaja
			</td>
			<td>
			Executive Director and CEO
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Margaretha Widjaja
			</td>
			<td>
			Executive Director
			</td>
		</tr>
</tbody></table>
 

RIADY FAMILY

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Executive
			</td>
			<td>
			Position on Board 
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			OUE LTD
			</td>
			<td>
			Stephen Riady
			</td>
			<td>
			Executive Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Brian Riady
			</td>
			<td>
			CEO, Hospitality and Food &amp; Lifestyle
			</td>
		</tr>
<tr>
<td>
			OUE LIPPO HEALTHCARE 
			</td>
			<td>
			Stephen Riady
			</td>
			<td>
			Non-Independent and Non-Executive Director
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			OUE HOSPITALITY TRUST
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 

SALIM FAMILY

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Executive
			</td>
			<td>
			Position on Board 
			</td>
		</tr>
<tr>
<td>
			INDOFOOD AGRI RESOURCES^ 
			</td>
			<td>
			Axton Salim
			</td>
			<td>
			Non-Executive Director
			</td>
		</tr>
<tr>
<td>
			MOYA HOLDINGS ASIA 
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE 
			</td>
			<td>
			 NIL
			</td>
			<td> </td>
		</tr>
<tr>
<td>
			QAF LTD
			</td>
			<td>
			 NIL
			</td>
			<td> </td>
		</tr>
</tbody></table>
 

SIRIVADHANABHAKDI FAMILY

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Executive
			</td>
			<td>
			Position on Board 
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE PCL
			</td>
			<td>
			Charoen Sirivadhanabhakdi
			</td>
			<td>
			Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Khunying Wanna Sirivadhanabhakdi
			</td>
			<td>
			Vice Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Thapana Sirivadhanabhakdi
			</td>
			<td>
			President and CEO
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Panote Sirivadhanabhakdi
			</td>
			<td>
			Director
			</td>
		</tr>
<tr>
<td>
			FRASER AND NEAVE 
			</td>
			<td>
			Charoen Sirivadhanabhakdi
			</td>
			<td>
			Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Khunying Wanna Sirivadhanabhakdi
			</td>
			<td>
			Vice Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Thapana Sirivadhanabhakdi
			</td>
			<td>
			Non-Independent and Non-Executive Director
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			Panote Sirivadhanabhakdi
			</td>
			<td>
			Non-Executive Director
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			 NIL
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			Panote Sirivadhanabhakdi
			</td>
			<td>
			Non-Executive Director
			</td>
		</tr>
<tr>
<td>
			FRASERS PROPERTY 
			</td>
			<td>
			Panote Sirivadhanabhakdi
			</td>
			<td>
			Group CEO
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Charoen Sirivadhanabhakdi
			</td>
			<td>
			Non-Executive and Non-Independent Chairman
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Khunying Wanna Sirivadhanabhakdi
			</td>
			<td>
			Non-Executive and Non-Independent Vice Chairman
			</td>
		</tr>
</tbody></table>
 

KESWICK FAMILY

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Executive
			</td>
			<td>
			Position on Board 
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Executive Chairman and Managing Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Adam Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Simon Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Executive Chairman and Managing Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Adam Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Simon Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Chairman
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Executive Chairman and Managing Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Adam Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Simon Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Executive Chairman and Managing Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Adam Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Simon Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			MANDARIN ORIENTAL 
			</td>
			<td>
			Ben Keswick
			</td>
			<td>
			Executive Chairman and Managing Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Adam Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Simon Keswick
			</td>
			<td>
			Executive Director
			</td>
		</tr>
</tbody></table>
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

<ul>
<li>Franky Widjaja is a son of Eka Tjipta Widjaja, founder of one of Indonesia's largest conglomerates, the Sinar Mas Group.</li>
	<li>The senior Widjaja, who passed away at the age of 98 in January this year, was ranked by <a href="https://www.forbes.com/billionaires/#265f3058251c">Forbes</a> 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.</li>
	<li>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.</li>
	<li>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.</li>
</ul>
Riady Family

<ul>
<li>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 <a href="https://www.forbes.com/billionaires/#265f3058251c">Forbes</a> 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.</li>
	<li>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.</li>
	<li>Stephen Riady and his son Brian hold board positions in OUE Lippo Healthcare and OUE Ltd.</li>
</ul>
Salim Family

<ul>
<li>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.</li>
	<li>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 <a href="https://www.forbes.com/billionaires/#265f3058251c">Forbes</a> as the fifth-richest in Indonesia in 2018, with a net worth of US$5.3 billion.</li>
	<li>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.</li>
	<li>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.</li>
</ul>
Sirivadhanabhakdi Family

<ul>
<li>Charoen Sirivadhanabhakdi is the founder and chairman of TCC Group, a Thai beverage and real estate conglomerate. He was ranked by <a href="https://www.forbes.com/billionaires/#265f3058251c">Forbes</a> as Thailand’s fourth-richest man in 2018, with a net worth of US$17.4 billion.</li>
	<li>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 &amp; 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.</li>
	<li>Charoen’s sons – Thapana and Panote Sirivadhanabhakdi – also own deemed stakes in these companies, according to shareholding data from their most recent annual reports.</li>
</ul>
Keswick Family

<ul>
<li>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 &amp; Co was founded in China, in the 1830s by Scotsmen William Jardine and James Matheson.</li>
	<li>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.</li>
	<li>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 &amp; Carriage, Ben Keswick holds the position of Chairman on its board.</li>
	<li>Jardine Strategic Holdings is a substantial shareholder in Jardine Cycle &amp; Carriage, Hongkong Land, Mandarin Oriental, Dairy Farm and Jardine Matheson. The latter in turn is a major shareholder of Jardine Strategic.</li>
	<li>Jardine Matheson, Jardine Strategic, Jardine C&amp;C and Hongkong Land are constituents of Singapore’s benchmark Straits Times Index (STI).</li>
</ul>
The table below details the companies and trusts associated with the five foreign family empires that are listed on SGX, sorted by market capitalisation.

<table class="table table-striped"><tbody>
<tr>
<td>JARDINE MATHESON</td>
			<td>J36</td>
			<td>65,240</td>
		</tr>
<tr>
<td>JARDINE STRATEGIC</td>
			<td>J37</td>
			<td>57,808</td>
		</tr>
<tr>
<td>HONGKONG LAND</td>
			<td>H78</td>
			<td>22,641</td>
		</tr>
<tr>
<td>THAI BEVERAGE</td>
			<td>Y92</td>
			<td>20,468</td>
		</tr>
<tr>
<td>DAIRY FARM INTL</td>
			<td>D01</td>
			<td>14,436</td>
		</tr>
<tr>
<td>JARDINE CYCLE &amp; CARRIAGE</td>
			<td>C07</td>
			<td>13,806</td>
		</tr>
<tr>
<td>FRASERS PROPERTY</td>
			<td>TQ5</td>
			<td>5,402</td>
		</tr>
<tr>
<td>GOLDEN AGRI-RESOURCES</td>
			<td>E5H</td>
			<td>3,757</td>
		</tr>
<tr>
<td>MANDARIN ORIENTAL</td>
			<td>M04</td>
			<td>3,270</td>
		</tr>
<tr>
<td>FRASER AND NEAVE</td>
			<td>F99</td>
			<td>2,579</td>
		</tr>
<tr>
<td>FRASERS LOGISTICS &amp; INDUSTRIAL TRUST</td>
			<td>BUOU</td>
			<td>2,328</td>
		</tr>
<tr>
<td>FRASERS CENTREPOINT TRUST</td>
			<td>J69U</td>
			<td>2,194</td>
		</tr>
<tr>
<td>OUE LTD</td>
			<td>LJ3</td>
			<td>1,578</td>
		</tr>
<tr>
<td>OUE COMMERCIAL REIT</td>
			<td>TS0U</td>
			<td>1,415</td>
		</tr>
<tr>
<td>FRASERS HOSPITALITY TRUST</td>
			<td>ACV</td>
			<td>1,386</td>
		</tr>
<tr>
<td>FRASERS COMMERCIAL TRUST</td>
			<td>ND8U</td>
			<td>1,336</td>
		</tr>
<tr>
<td>OUE HOSPITALITY TRUST</td>
			<td>SK7</td>
			<td>1,321</td>
		</tr>
<tr>
<td>SINARMAS LAND</td>
			<td>A26</td>
			<td>1,064</td>
		</tr>
<tr>
<td>FIRST REIT</td>
			<td>AW9U</td>
			<td>769</td>
		</tr>
<tr>
<td>LIPPO MALLS INDONESIA RETAIL TRUST</td>
			<td>D5IU</td>
			<td>608</td>
		</tr>
<tr>
<td>GOLDEN ENERGY &amp; RESOURCES</td>
			<td>AUE</td>
			<td>529</td>
		</tr>
<tr>
<td>QAF LTD</td>
			<td>Q01</td>
			<td>449</td>
		</tr>
<tr>
<td>INDOFOOD AGRI RESOURCES^</td>
			<td>5JS</td>
			<td>391</td>
		</tr>
<tr>
<td>MOYA HOLDINGS ASIA</td>
			<td>5WE</td>
			<td>336</td>
		</tr>
<tr>
<td>OUE LIPPO HEALTHCARE</td>
			<td>5WA</td>
			<td>289</td>
		</tr>
<tr>
<td>FOOD EMPIRE</td>
			<td>F03</td>
			<td>278</td>
		</tr>
<tr>
<td>Total</td>
			<td> </td>
			<td>225,678</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; 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
</body></html>





SGX lists 18 companies and eight trusts associated with five foreign family empires – three 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 controlled by the Scottish/British Keswick tai-pans. 
	 
	These 18 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 at least 18 companies and eight trusts associated with five foreign family empires – three 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 controlled by the Scottish/British Keswick tai-pans.

These 18 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.

The tables below detail the five 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 &amp; 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 &amp; 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 &amp; 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 &amp; 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 &amp; 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 &amp; 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 &amp; Carriage, Ben Keswick holds the position of Chairman on its board.
	Jardine Strategic Holdings is a substantial shareholder in Jardine Cycle &amp; 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&amp;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.



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 &amp; 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 &amp; INDUSTRIAL TRUST
			BUOU
			2,328
		

FRASERS CENTREPOINT TRUST
			J69U
			2,194
		

OUE LTD
			LJ3
			1,578
		

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 &amp; RESOURCES
			AUE
			529
		

QAF LTD
			Q01
			449
		

INDOFOOD AGRI RESOURCES^
			5JS
			391
		

MOYA HOLDINGS ASIA
			5WE
			336
		

OUE LIPPO HEALTHCARE
			5WA
			289
		

FOOD EMPIRE
			F03
			278
		

Total
			 
			225,678
		

Source: Bloomberg &amp; 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



Highlights of Foreign Family Empires Listed on SGX

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As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.  It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.   It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

Singapore

Sinarmas Land Ltd. invests in, develops and manages real estate.  The Company owns commercial buildings, hotels and resorts in China, Indonesia, Malaysia and Singapore.

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Highlights of Foreign Family Empires Listed on SGX

SGX lists 18 companies and eight trusts associated with five foreign family empires – three Indonesian, one Thai, and one British – which have...

Singapore Exchange Ltd (SGX)

Singapore - The Hidden Gems

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks & Government Linked Companies (GLC's) which...

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