By Amanda Lee

Wilmar International shares plunged after it was named by Indonesian authorities as one of a number of palm oil companies being investigated for alleged underinvoicing and transfer pricing of exports.

The Singapore-based company and Indonesia's Musim Mas Group are among several crude palm oil exporters that are being investigated, Indonesian Finance Minister Purbaya Yudhi Sadewa said Tuesday.

Shares dropped as much as 10.5% to 3.15 Singapore dollars, equivalent to US$2.47, on Thursday, on track for their biggest one-day percentage loss since February 2012. The Singapore market was closed Wednesday for a holiday.

Musim Mas isn't publicly traded.

Wilmar said Thursday that it hasn't received official notification of the Indonesian probe, but that it is working with relevant authorities to understand their concerns.

"If and when we receive official notification that Wilmar is under investigation for suspected under-invoicing and transfer pricing of exports, we will update the market accordingly," Wilmar said.

Musim Mas didn't immediately respond to a request for comment.

The probe comes as Indonesia plans to tighten controls over exports of strategic natural resources, which could squeeze global supplies of commodities such as palm oil.

--Ying Xian Wong contributed to this report

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

May 28, 2026 01:52 ET (05:52 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.