[SINGAPORE] Wilmar International said in a bourse filing on Thursday (May 28) that it has not received official notification of being under investigation by the Indonesian authorities for suspected under-invoicing and transfer-pricing of exports.

The agribusiness giant added that it is &ldquo working with the relevant authorities to understand their concerns&rdquo .

&ldquo If and when we receive official notification... we will update the market accordingly,&rdquo said the company.

The Business Times reported on Tuesday that the company is among 10 crude palm oil (CPO) exporters under investigation for suspected under-invoicing and transfer-pricing practices.

Singapore-based Musim Mas is also under probe.

Under-invoicing is the practice of declaring a lower export value in order to shift profits to lower-tax jurisdictions and/or pay lower export taxes.

Indonesia&rsquo s Finance Minister Purbaya Yudhi Sadewa said that the companies shipped or sold CPO to trading firms in Singapore, which then resold the cargo to the US after price mark-ups of as much as 50 per cent, raising concerns that a portion of export value may have been moved offshore.

He noted that while domestic export documents in Indonesia appeared accurate, inconsistencies emerged in transit records and destination pricing, suggesting the use of offshore trading hubs to book higher margins outside the country.

The investigation is part of Jakarta&rsquo s broader effort to tighten control over strategic commodity flows.

Wilmar - how will newly listed call warrant perform if stock pushes toward Joey Choy' s $4 " near-term trigger" ?

• Back on 7 April, we shared SGX Academy Trainer Joey Choy' s write up on Wilmar shares, where he stated that as long as prices hold above $3.60, Wilmar shares might push toward the psychological resistance level of $4
• Joey believes that $4 is a key near-term trigger, which if broken, may push the stock toward the next resistance of $4.40
• Since his article, Wilmar shares had dropped to a low of $3.43 on 30 April before closing just above the $.3.60 support level at $3.61 - and held above $3.60 since
• While the article mentioned Wilmar call warrant ZFIW, Macquarie Warrants Singapore listed a new Wilmar call warrant NWVW yesterday
• The new warrant expires at the end of November, allowing investors to have a longer holding period compared to the short-dated ZFIW which expires at the end of next month
• According to the Warrant Calculator tool for NWVW, should Wilmar shares head 6.7% higher in the next 14 days, NWVW is estimated to climb 35.3% from SGD 0.017 today to SGD 0.023
• Should Wilmar shares take a month to do so, the warrant is expected to increase less i.e. +29.4% to SGD 0.022
• The maximum holding period for this warrant based on the view that Wilmar shares would head to $4 is 71 days from now i.e. 17 July 2026 as the warrant will no longer generate higher returns than if one were to buy Wilmar shares and will in fact generate a negative return if an investor held onto the warrant until the end of July

Wilmar Sugar sets June start for 2026 crushing season as bigger crop looms

Wilmar Sugar and Renewables has confirmed that the 2026 sugar crushing season will begin in early June, with mills across Queensland preparing for a larger crop compared to last year.

The company announced that its four Burdekin mills &ndash Invicta, Pioneer, Kalamia and Inkerman &ndash along with Plane Creek Mill at Sarina, will begin crushing operations on June 2. Proserpine Mill and the Herbert region&rsquo s Victoria and Macknade mills are scheduled to start operations a week later on June 9, Mackay & WhitSunday Life reported.Wilmar General Manager Operations James Wallace said the start dates were finalised after assessing crop forecasts, factory preparedness and expected field conditions.

&ldquo We&rsquo ve got a bigger crop than last year, and we&rsquo re keen to get the season under way to minimise the risk of a late finish and the associated challenges of pushing into the wet season,&rdquo Wallace said.

He added that the company aims to complete crushing operations across all factories by mid-to-late November.

Wilmar is forecasting a statewide sugarcane crop of 15.19 million tonnes for the 2026 season, nearly one million tonnes higher than last year&rsquo s total throughput of 14.23 million tonnes.

The company estimates the Burdekin region will account for 7.97 million tonnes, while Proserpine is expected to contribute 1.67 million tonnes and Plane Creek around 1.45 million tonnes.

General Manager Engineering Istvan Torok said maintenance and upgrade work across factories, rail infrastructure and rolling stock is close to completion ahead of the new season.

Meanwhile, General Manager Cane Supply and Grower Relations Dave Zeller said training for locomotive drivers has already started and urged motorists to remain cautious near cane railway crossings.

&ldquo We&rsquo re reminding residents and visitors to take extra care on the roads and look out for cane trains,&rdquo Zeller said.