Former Singapore minister George Yeo has increased his investment in Wilmar International after purchasing 100,000 shares of the agribusiness group in an open-market transaction.

Wilmar International shares rose 1.4% on Thursday.

Yeo, who serves as an independent director at Wilmar, bought the shares at S$2.97 apiece on Nov. 4, according to a filing with the Singapore Exchange. The transaction brings his total holdings in the company to slightly more than 1 million shares.

The purchase comes as Wilmar's stock has come under pressure, declining more than 14% over the past month. The company, which has oil palm plantation concessions in Indonesia, has also faced increased scrutiny over its potential links to forest fires that have contributed to regional haze.

On Oct. 23, Singapore's National Environment Agency (NEA) issued notices to 10 Singapore-registered companies, including Wilmar, requesting information and documents concerning their corporate relationships, land concessions in Indonesia, and fire prevention and firefighting measures.

Wilmar Chief Executive Kuok Khoon Hong was among business leaders called to a closed-door government meeting on Oct. 29, ahead of amendments to Singapore's Transboundary Haze Pollution Act. The legislative changes were passed by Parliament on Nov. 4.

Wilmar said on Nov. 2 that it had agreed to an NEA-appointed assessment by Control Risks Group to determine whether the company had any involvement in, or connections to, fires in Indonesia that contributed to haze affecting Singapore and Malaysia. Dentons Rodyk & Davidson was appointed as legal adviser to the assessor.

The group said it would cooperate voluntarily with the assessment and cover the costs of both firms. It also pledged to provide access to relevant records, documents, facilities, employees and operational sites, including information related to its corporate relationships and supply chains.

In a separate statement that day, Wilmar disclosed that it had submitted an initial batch of documents and information in response to the NEA notice issued on Oct. 23 under the Transboundary Haze Pollution Act.

The company had earlier revealed on Oct. 31 that it sold fertilisers and diesel used in heavy equipment to six of the 10 companies identified by the NEA. Those sales generated approximately US$22.5 million, or S$28.8 million, in revenue during financial year 2025.

Yeo joined Wilmar's board in April 2024. He has also held executive positions within the Kerry group of companies. Both Wilmar and Kerry are controlled by Malaysia's Kuok family.