RM101 of equity capital stands behind a US$350,000,000 potential contract.
Bioseaga Industries Sdn Bhd, the Malaysian counterparty to a recently-announced US$350 million Sustainable Aviation Fuel construction Heads of Agreement in Sabah, was incorporated forty days before signing. Its sole corporate shareholder is itself a paid-up RM100 vehicle incorporated six weeks earlier. This page lays out what the public corporate registers actually show.
By an independent investor · Sources: SSM Malaysia (CTC profiles), Brunei OCP register, ICANN WHOIS, SGXNet
RM101Total external equity across the structure
82 daysFrom holdco incorporation to HOA signing
~16,000,000×Contract value to equity ratio
TL;DR — the public-register facts at a glance
Six facts. Every one is a primary-source corporate-register lookup. Every one links to the section that documents it.
The counterparty was incorporated 40 days before signing. Bioseaga Industries Sdn Bhd, the Malaysian counterparty to the announced US$350m construction HOA, was incorporated on 25 February 2026 with paid-up capital of RM100. — See §02.
Its 99% parent is also an RM100 vehicle. SEAGA Holding Sdn Bhd was incorporated on 14 January 2026, also RM100 paid-up. Both companies report NIL on every line of their balance sheet and income statement. Neither has appointed an auditor. Total external equity capital across the structure is RM101. — See §03 and §04.
The “Brunei-based BioSeaga group” is, on the Brunei OCP register, six sole-proprietor business names and one struck-off private company. — See §05.
The group’s own website describes 2 million tonnes of secured offtake and 3 million tonnes/year target capacity. IATA expects global Sustainable Aviation Fuel production to reach approximately 2 million tonnes in 2025 in total. — See §06.
The PETRA–SEAGA joint-venture “RM1.4 billion biorefinery” commitment at WEF Davos was made on 23 January 2026 — when the eventual operating sub had not yet been incorporated. The Petra side of the joint venture (Petra Group Management Services Sdn Bhd) is a real operating entity, but its most recent audited financial statements on file with SSM are for the financial year ended 31 March 2021. — See §07.
Following the announcement, Oiltek International Limited’s (SGX:HQU) share price approximately doubled, and sell-side targets ranging from S$2.72 to S$3.38 were published. All three sell-side targets are conditional on the HOA converting into a definitive contract. The announcement itself states that “there is no certainty or assurance that any definitive agreements will be entered into.” — See §10.
Everything above is sourced. No private documents, leaks, or non-public information have been used. The full source list is in §11.
01 — The headline numbers
Two RM100 companies, three months, one big contract.
A complete reconstruction of the equity cascade behind the HOA counterparty.
The three ultimate beneficial owners (UBOs) paid RM100 pro-rata into the holdco (RM40 + RM30 + RM30). The holdco then deployed RM99 of that RM100 to subscribe for 99 of the 100 ordinary shares in Bioseaga Industries Sdn Bhd. A single director paid RM1 directly into Bioseaga for the remaining 1 share. Total fresh equity required to stand the entire structure up: RM101.
RM100 into the holdco + RM1 directly into the sub
= RM101
of fresh equity capital behind a US$350,000,000 contract.
Forty days after Bioseaga was incorporated, it signed a Heads of Agreement for a US$350 million SAF facility. Eighty-two days after its holdco was incorporated. Neither company has appointed an auditor. Neither has filed any accounts. Both report NIL on every balance-sheet and income-statement line.
02 — The counterparty
Bioseaga Industries Sdn Bhd
Incorporated 25 February 2026. Forty days before signing.
Field
Value (per SSM CTC, printed 19 May 2026)
Registered name
BIOSEAGA INDUSTRIES SDN. BHD.
SSM registration no.
202601007701 (1669799-T)
Incorporation date
25 February 2026
Type
Private company limited by shares
Paid-up capital
RM100 (100 ordinary shares of RM1 each)
Registered address
61-2A, Pearl Court, Jalan Thamby Abdullah, Brickfields, Kuala Lumpur 50470
Business address
Unit A-12-15, Menara UOA Bangsar, No. 5 Jalan Bangsar Utama 1, Kuala Lumpur 59100
Nature of business
Manufacture of bio-diesel products; other business support service activities; research and development on biotechnology
Auditor
NIL (not appointed)
Revenue, Assets, Equity
NIL on every line
Fig. 1 — SSM CTC p.1: Corporate Information. Source: Suruhanjaya Syarikat Malaysia, printed 19-May-2026.Fig. 2 — SSM CTC p.2: Summary of Share Capital. Total issued RM100.Fig. 3 — SSM CTC p.4: Shareholders. SEAGA Holding Sdn Bhd holds 99 of the 100 ordinary shares. Mr Mohd Emir Mavani Abdullah holds the remaining 1 share directly.Fig. 4 — SSM CTC p.6: Summary of Financial Information. Every line — auditor, balance sheet, income statement, dividends — is reported as NIL. The Company’s document was registered as at 02-03-2026.
Source: SSM Certified-True-Copy profile, Bioseaga Industries Sdn Bhd (registration 202601007701), printed 19 May 2026. Available via the SSM e-Info portal (~RM30).
03 — The parent
SEAGA Holding Sdn Bhd
Also incorporated in 2026. Also paid-up RM100. Also reports NIL on every line.
Field
Value (per SSM CTC, printed 19 May 2026)
Registered name
SEAGA HOLDING SDN. BHD.
SSM registration no.
202601001836 (1663933-A)
Incorporation date
14 January 2026 (42 days before its operating subsidiary)
Type
Private company limited by shares
Paid-up capital
RM100 (100 ordinary shares of RM1 each)
Registered address
61-2A, Pearl Court, Jalan Thamby Abdullah, Brickfields, KL 50470 (same address as Bioseaga)
Business address
Menara UOA Bangsar (same address as Bioseaga)
Nature of business
Manufacture of bio-diesel products; activities of holding companies; commodity brokers and dealers
Auditor
NIL (not appointed)
Revenue, Assets, Equity
NIL on every line
Shareholders
Md Nasiruddin Abd Latif (40 shares), Kunalan s/o Sivapuniam (30 shares), Mohd Emir Mavani Abdullah (30 shares)
Fig. 5 — SEAGA Holding SSM CTC p.1: Corporate Information.Fig. 6 — SEAGA Holding SSM CTC p.4: Shareholders.Fig. 7 — SEAGA Holding SSM CTC p.6: Summary of Financial Information. As with the subsidiary, every line item is NIL. The Company’s document was registered as at 23-01-2026.
Source: SSM Certified-True-Copy profile, SEAGA Holding Sdn Bhd (registration 202601001836), printed 19 May 2026.
04 — The cascade
How RM101 became US$350m of contract value, in 82 days.
The shareholding map, drawn from the two SSM profiles above.
The three individuals at the top of the diagram are, on the primary record, the entire equity backing of the structure. The cascade is straightforward: RM100 in, RM99 down to Bioseaga, RM1 direct from Mr Mohd Emir Mavani Abdullah. The Heads of Agreement was signed forty days later.
Sources: SSM Certified-True-Copy profiles for both Sdn Bhds (printed 19-May-2026); Oiltek International Limited SGX announcement “Heads of Agreement in Relation to the Proposed Construction of a SAF Production Facility Located in Sabah, Malaysia,” dated 6 April 2026.
05 — The "Brunei-based group"
Six sole proprietors and one struck-off company.
A full Brunei OCP register search for "seaga" returns seven entities. The classification matters.
The SGX announcement describes the counterparty as "an affiliate of the Brunei-based BioSeaga group." The Brunei companies register tells a different story. The full search is reproduced below.
Entity
Reg. no.
Type
Status
Registered
BioSeaga Industries
P30015901
Business Name (sole prop / partnership)
Registered
14-Jan-2026
EnSeaga Energy Industries
P30015906
Business Name
Registered
15-Jan-2026
SeagaFoods Industries
P30016362
Business Name
Registered
19-Mar-2026
SEAGA FarmFresh Industries
P30010661
Business Name
Registered
16-May-2024
SEAGA Corporation Holdings
P00089177
Business Name
Registered
02-Nov-2011
SEAGA Energy Holdings
P00092553
Business Name
Registered
13-Aug-2012
SEAGA Aviation (B) Sdn Bhd
RC00007333
Private Company
Struck Off
19-Jun-2008
In Brunei, the "P" prefix denotes a Business Name — a sole proprietorship or partnership, not an incorporated company. Only the "RC" prefix denotes an incorporated private company. The only RC entity in this family (SEAGA Aviation) has been struck off. On the public record, there is no live incorporated Brunei company behind the "BioSeaga group" branding.
A note on naming similarity — SEAGA FarmFresh Industries is not Farm Fresh Berhad
The third entity in the table above — SEAGA FarmFresh Industries (P30010661), a Brunei sole-proprietor Business Name registered on 16 May 2024 — shares a naming pattern with the Malaysian listed dairy company Farm Fresh Berhad (KLSE: FFB), founded in 2009 by Mr Loi Tuan Ee and listed on Bursa Malaysia in 2022. The two are distinct entities with different legal forms, different jurisdictions, different founders and, on the public record, no apparent corporate relationship.
The naming similarity has nevertheless produced downstream confusion in third-party content:
Fig. 10 — YouTube video published by Informa Markets Thailand, “Exclusive interview with Chairman of Farm fresh industries at Fi Asia Indonesia.” The on-screen lower-third introduces Dr Nasir Latif as “Chairman, Farm Fresh Industies”. The reference is in fact to the Brunei sole-proprietor Business Name SEAGA FarmFresh Industries, not to Farm Fresh Berhad. Video link: youtube.com/watch?v=FSSrdbha-Sc.Fig. 11 — Google search for “FarmFresh Industries.” The right-hand knowledge panel returns Farm Fresh Milk Sdn Bhd (a related dairy entity in Ulu Tiram, Johor) — not the Brunei sole-proprietor SEAGA FarmFresh Industries that produced the website results on the left.
Naming similarity to an established listed consumer brand is, in itself, neither evidence of misconduct nor of intent. We flag it here purely so that any reader looking at SEAGA FarmFresh Industries materials — whether on YouTube, in conference proceedings, or in Google search results — can disambiguate clearly between the two entities.
06 — The marketing materials
What the company tells its own website visitors.
The "Production at Scale" page on seagacorp.com puts numbers next to the corporate-register evidence above.
SEAGA Corp’s public website carries a section titled “Production at Scale.” The four marketing tiles on that page are reproduced in Fig. 12. They state:
3 million tonnes per year — described as “Target SAF production capacity.”
2 million tonnes — described as “Offtake contracts already secured — one of the largest SAF offtake agreements in the world.”
4 million tonnes — described as “Expected total secured offtake before end of 2026.”
Three feedstocks: POME, advanced algae, hydrogen biomass.
Fig. 12 — seagacorp.com / Portfolio — “Production at Scale” page, captured 19 May 2026.
For context, IATA — the International Air Transport Association — expects global Sustainable Aviation Fuel production to reach approximately 2 million tonnes in 2025, having doubled year-on-year. That is the entire world’s SAF output for the year (see Fig. 13).
Fig. 13 — ESG News, 1 June 2025: “IATA Expects SAF Production to Double in 2025, Reaching 2 Million Tonnes.”
Comparison. The marketing materials of a group whose Malaysian operating entity has total external equity of RM101, NIL revenue and NIL assets (per its own SSM filings, Figs. 4 and 7) describe offtake contracts of a size comparable to the world’s entire projected 2025 SAF production. We make no representation as to whether such offtake agreements have in fact been entered into; we simply note that no counterparty to such offtake has been publicly named, and no audited financial document supports it.
07 — The PETRA–SEAGA joint venture
A real Petra Group. A brand-new Seaga group. A RM1.4 billion biorefinery “commitment” at Davos.
Nine days after the Malaysian Seaga holdco was incorporated, the joint venture was at the World Economic Forum announcing a multi-billion-ringgit commitment to a Sabah project that did not yet have an operating entity in any register.
17 December 2025 — the joint-venture announcement
On 17 December 2025, the Borneo Bulletin reported that Petra Group’s Group Executive Chairman, Dato’ Dr Vinod Sekhar, had named Dr Nasir Latif — the same individual identified in this file as a director and 40% shareholder of SEAGA Holding Sdn Bhd (per Sections 03 and 08) — as Executive Vice Chairman of Petra Group, and unveiled a new global joint venture: PETRA–SEAGA, described as focused on “large-scale sustainability and impact-driven projects worldwide.”
Fig. 14 — Borneo Bulletin, “From Brunei to the Region,” 17 December 2025. Joint-venture announcement and appointment of Dr Nasir Latif as Executive Vice Chairman of Petra Group. Article URL: borneobulletin.com.bn/from-brunei-to-the-region/.
23 January 2026 — the RM1.4 billion Davos commitment
Five weeks later, at the 2026 World Economic Forum in Davos, the New Straits Times reported that “Petra Seaga is evaluating a RM1.4 billion biorefinery project in Sabah.” Datuk Roger Chin, Chairman of Invest Sabah Bhd, was quoted on the sidelines of the WEF:
“Today, I wish to acknowledge the commitment expressed by Petra Seaga to establish a presence in Sabah and make a significant investment in the state’s biomass and sustainable energy sector.” — Datuk Roger Chin, Chairman of Invest Sabah Bhd, per New Straits Times, 23 January 2026.
What was on the register on the date of the Davos commitment
As at 23 January 2026, the date of the Petra Seaga RM1.4 billion Sabah commitment at WEF Davos:
SEAGA Holding Sdn Bhd had been incorporated nine days earlier (14 January 2026), with paid-up capital of RM100 (per Section 03).
Bioseaga Industries Sdn Bhd — the eventual counterparty to the Oiltek US$350m HOA — had not yet been incorporated. It would be incorporated 33 days later, on 25 February 2026 (per Section 02).
The “PETRA–SEAGA” joint venture itself has no separately registered legal entity in Malaysia or Brunei that is identifiable on public corporate-register records.
The Petra side of the joint venture, on the register
Unlike the Seaga side, the Petra side of the joint venture is a real operating entity with public corporate history. Per its SSM Certified-True-Copy profile (printed 22 May 2026), Petra Group Management Services Sdn Bhd (registration 201601029441 / 1200382-D) was incorporated on 1 September 2016. It is held by Sekhar Global Ltd (which holds 9,271,000 redeemable preference shares of RM1 each, classified as non-current liabilities on the FY2021 balance sheet) plus two named individuals each holding one ordinary share of RM1.
Fig. 16 — SSM CTC for Petra Group Management Services Sdn Bhd, p.1: Corporate Information. Incorporated 01-09-2016. Registered office at Diamond Square, off Jalan Gombak, KL. Business address at Menara CIMB. Nature of business: business management consultancy, general trading, investment holding.Fig. 17 — SSM CTC for Petra Group Management Services Sdn Bhd, p.6: Summary of Financial Information. The most recent financial document on file is for the financial year ended 31 March 2021, tabled on 30 September 2021. Revenue RM6,000,000; loss after tax RM(720,139); retained losses RM(1,484,738); auditor SC Teh & Co (AF1407). No subsequent annual financial documents are reflected on the public register as at the printing date of this CTC (22 May 2026).
Side-by-side — the three Sdn Bhds in this story
Build
Petra Group Mgmt Services
SEAGA Holding
Bioseaga Industries
SSM registration
201601029441
202601001836
202601007701
Incorporated
1 Sep 2016
14 Jan 2026
25 Feb 2026
Paid-up (ordinary)
RM2
RM100
RM100
Paid-up (preference)
RM9,271,000 (redeemable, treated as non-current liability)
NIL
NIL
Auditor of record
SC Teh & Co (AF1407)
NIL
NIL
Last accounts tabled
30 Sep 2021 (FYE 31-Mar-2021)
NIL
NIL
Last filed revenue
RM6.0m
NIL
NIL
Last filed profit / (loss)
(RM0.72m)
NIL
NIL
Last filed retained earnings
(RM1.48m)
NIL
NIL
Two observations are worth flagging without conclusion:
The timing. The Petra Seaga RM1.4 billion biorefinery “commitment” at WEF Davos was made on 23 January 2026 — nine days after the Malaysian Seaga holdco was incorporated, and 33 days before the operating sub (Bioseaga Industries Sdn Bhd) was incorporated. The Oiltek HOA was signed on 6 April 2026 — by which point the eventual operating sub had been in existence for 40 days. The Sabah location and biofuels theme of the WEF announcement closely match the SAF facility described in the Oiltek announcement, though the Oiltek SGXNet announcement does not name Petra Group, PETRA–SEAGA, or the joint venture.
The asymmetry. The Petra side of the joint venture is a real operating entity with audited 2021 financial statements on file at SSM (revenue RM6m, loss-making). The Seaga side of the joint venture is the RM101 cascade documented in Sections 03 and 04 above.
⚠️ Flag — overdue accounts
Petra Group Management Services Sdn Bhd has not filed audited annual financial statements with SSM since the financial year ended 31 March 2021.
That is the most recent financial document on the public register for the company as at the date of the CTC reproduced above (printed 22 May 2026). Under the Malaysian Companies Act 2016, an SSM-registered private company must hold an Annual General Meeting within six months of its financial year end and lodge a copy of its financial statements with the Registrar within 30 days of the AGM. Four annual cycles — FY2022, FY2023, FY2024 and FY2025 — have passed since the last filing.
The PETRA Group corporate website at petragroup.my describes five divisions (Infrastructure, Technologies, Media & Entertainment, Lifestyle & Wellness, Food Security) and carries a 2026 copyright notice in the name of PETRA Group Management Services Sdn Bhd.
Sources: Borneo Bulletin, “From Brunei to the Region,” 17 December 2025 — borneobulletin.com.bn/from-brunei-to-the-region/. New Straits Times, “Petra Seaga eyes RM1.4bil biorefinery investment in Sabah,” 23 January 2026 — nst.com.my. SSM Malaysia, Certified-True-Copy profile for Petra Group Management Services Sdn Bhd (registration 201601029441), printed 22 May 2026.
08 — The website and offices
seagacorp.com was registered in late 2025. The offices are worth listing.
A “Brunei-based multinational” with a domain younger than most iPhones, four listed offices, and a public-facing email belonging to the human-resources function.
Fig. 18 — ICANN WHOIS record for seagacorp.com. Domain created in 2025.
seagacorp.com/contact lists four offices and a single public-facing email address (humanresources@seagacorp.com). The four office addresses are reproduced in Fig. 19.
Fig. 19 — seagacorp.com / contact, captured 19 May 2026.
Office
Address (per seagacorp.com)
Observation
Brunei (Headquarters)
“Seaga Towers,” No. 6, Simpang 983, Kg Sungai Belukut, Jalan Kota Batu, Bandar Seri Begawan
The name “Seaga Towers” is not independently verifiable as a recognised commercial building in Brunei on public mapping sources such as Google Maps.
Woodsvale at Woodlands Drive 72 is a Singapore residential strata-titled development (executive-condominium development; postal sector 73 is residential Woodlands). The address is a private residential unit, not commercial office premises.
Malaysia (Regional Office)
A-12, 15 UOA Bangsar, Jalan Bangsar Utama 1, 59100 Kuala Lumpur
This is the same Menara UOA Bangsar address declared by both Bioseaga Industries Sdn Bhd and SEAGA Holding Sdn Bhd as their SSM-filed business address (Figs. 1 and 5).
Indonesia (Regional Office)
Jalan Warung Bancit Raya, No. 18-20, RT. 02/RW. 07, Pejaten Barat, Pasar Minggu, Jakarta Selatan 12510
Listed but not corroborated by an Indonesian register lookup at the time of this review.
09 — The named directors
Background of the persons on file.
All three directors are appointed across both companies. Two of the three are public figures with publicly-reported litigation or industry history.
Mr Mohd Emir Mavani bin Abdullah
Director of both Bioseaga Industries Sdn Bhd and SEAGA Holding Sdn Bhd (per SSM CTC profiles). Former Group President & Chief Executive Officer of Felda Global Ventures Holdings Berhad (FGV) from 2013 to April 2016. On 28–29 March 2024, the Kuala Lumpur High Court (Judge Mohd Arief Emran Arifin) ordered Mr Mohd Emir to pay RM2,322,705 — inclusive of RM500,000 in exemplary damages and RM200,000 in costs — in the Troika condominium civil suit, FGV Holdings Bhd v Isa Samad & Mohd Emir Mavani Abdullah. Reported in The Star (29 March 2024) and New Straits Times. He remains principal defendant in FGV's RM514 million civil suit relating to the 2014 acquisition of Asian Plantations Limited, per The Edge Malaysia.
Datuk Dr Md Nasiruddin Abd Latif
Director of both Sdn Bhds (per SSM CTC profiles). Concurrently identified in public sources as Chairman / Group CEO of SEAGA Corporation; Chairman of AeroAsia Holdings Corporation (which in 2024 announced plans for Harbin Y-12F final assembly in Brunei targeting "USD10 billion" of aviation economic activity over 5–10 years — status of physical assembly not publicly confirmed); Brunei Country Director, BIMP-EAGA; Chairman, EAGA Development Corporation; Chairman, Borneo Corporation; Chairman, FarmFresh Industries Brunei.
Mr Kunalan s/o Sivapuniam
Director of both Sdn Bhds (per SSM CTC profiles). Singapore national. Residential address on file with SSM: Block 229 Yishun Street 21, Singapore 760229 — a Singapore Housing & Development Board residential block.
According to publicly-available biographical materials, Mr Kunalan describes over three decades of experience in investment banking, wealth management, private equity, real estate and asset management across Asia, the Middle East and the United Kingdom. He is described as the founder of Tarian Capital in 2004, which evolved into Emirates Tarian Capital with partnership from UAE royalty. Tarian’s asset-management arm is described as having anchored 13 pre-IPO deals that listed on the SGX in just over two years. He is described as co-founder of Hayden Properties, developer of the Ritz-Carlton Residences and Hamilton@Scotts in Singapore, said to be valued in aggregate at over S$1.5 billion. In 2010 he is described as co-founder of Sabana Investment Partners, which completed the IPO of Sabana REIT — the first and only Shariah-compliant Islamic industrial-property REIT in Singapore — within nine months of incorporation.
We present the publicly-available biographical materials alongside the public-register findings elsewhere in this file. Investors and readers may form their own view.
Sources: SSM CTC profiles for Bioseaga Industries Sdn Bhd and SEAGA Holding Sdn Bhd, printed 19-May-2026. Court order: The Star, "Mohd Emir, Isa Samad ordered to pay damages in Troika condo case," 29 March 2024. APL suit: The Edge Malaysia, multiple reports 2018–2023.
▷ SPOTLIGHTIf you hold Oiltek International (SGX:HQU), this section is for you.
10 — Implications for SGX:HQU
What this means for shareholders of Oiltek International Limited.
This section names the listed company directly. It contains observation and opinion, not allegation.
On 6 April 2026, Oiltek International Limited (SGX:HQU) announced that its wholly-owned subsidiary Oiltek Sdn Bhd had entered into a Heads of Agreement with Bioseaga Industries Sdn Bhd for the EPCC of a US$350 million, 300-tonne-per-day Sustainable Aviation Fuel facility in Sabah. The announcement describes the counterparty as "an affiliate of the Brunei-based BioSeaga group… a lead developer in the green energy transition" with "engagement with top-tier project advisors to ensure project bankability." The Company's share price approximately doubled, from S$1.55 to a peak of S$2.38, on the announcement.
Three sell-side reports were published in the weeks following. All three assume the HOA converts into a definitive contract and Oiltek's FY27 net profit quadruples to RM131–167 million.
The announcement itself contains a clear cautionary statement at section 7: "there is no certainty or assurance that any definitive agreements will be entered into, or that the transactions contemplated under the HOA will be completed." Execution of a definitive agreement is conditional on secured project financing, regulatory approvals, land right confirmation, and final agreement on technical specifications, pricing and work scope — none of which has been publicly evidenced as of 19 May 2026.
The counterparty's primary-source corporate substance, as set out in sections 02–04 above.
Oiltek's separate Heads of Agreement with PT Kilang Pertamina Internasional, signed in February 2025, which Oiltek confirmed in its 6 April 2026 announcement had expired without a definitive agreement (per Argus Media, 7 April 2026).
Oiltek's response to shareholder / SIAS questions at the 28 April 2026 AGM, confirming that "the negotiations with Bioseaga are led by our Executive Director and Chief Executive Officer, Mr Henry Yong Khai Weng, together with the management team and relevant professional advisers where appropriate."
A valuation exercise — pre-HOA earnings power
Setting aside the SAF narrative entirely and valuing Oiltek on its existing order book:
Build
Value
Order book (Feb 2026, ex-Bioseaga)
RM350m
Historical net profit margin
~15%
Implied annualised net profit
RM52.5m ≈ S$16.88m
Multiple (20x P/E — asset-light EPCC, 35% ROE, net cash)
20.0x
Implied fair-value market cap
~S$337m
Current market cap (~S$2.32 × 429m shares)
~S$995m
Implied share price
~S$0.79
Implied downside if HOA narrative deflates
−66%
This is an illustrative calculation, not a price target. It assumes zero value attributed to any SAF-related optionality, and also any other projects that may come in to fill the HOA of US$350m, which we make no representation about either way.
Questions a reasonable shareholder might ask:
What corporate diligence did the Oiltek Board conduct on the counterparty prior to signing?
Has the Board reviewed the SSM-filed paid-up capital and corporate history of Bioseaga Industries Sdn Bhd and SEAGA Holding Sdn Bhd?
Who are the "top-tier project advisors" referenced in the announcement?
What is the status of project financing, named offtake, ISCC EU / CORSIA SCS certification, MIDA Pioneer Status, and Sabah state land alienation?
Will the Company release a clarificatory announcement addressing items raised by public-record analysis of the counterparty?
11 — Sources and methodology
Everything on this page is from the public record.
No private documents, leaks, or non-public information. Anyone can replicate this in an afternoon.
Primary corporate-register documents
SSM Malaysia — Certified-True-Copy profile for Bioseaga Industries Sdn Bhd (registration 202601007701), printed 19 May 2026. Includes pages 1, 2, 4 and 6 (Corporate Information, Share Capital, Shareholders, Summary of Financial Information). Available via the SSM e-Info portal (approximately RM30 per profile).
SSM Malaysia — Certified-True-Copy profile for SEAGA Holding Sdn Bhd (registration 202601001836), printed 19 May 2026. Includes pages 1, 4 and 6.
SSM Malaysia — Certified-True-Copy profile for Petra Group Management Services Sdn Bhd (registration 201601029441), printed 22 May 2026. Includes pages 1, 2, 4 and 6.
Bursa Malaysia — Farm Fresh Berhad (stock code FFB), public corporate records.
ICANN public WHOIS for seagacorp.com.
Company websites and SGXNet announcements
SEAGA Corp public website — “Production at Scale” and “Contact us” pages on seagacorp.com, captured 19 May 2026.
Petra Group public website — petragroup.my, captured 22 May 2026.
SGXNet announcement by Oiltek International Limited dated 6 April 2026, “Heads of Agreement in Relation to the Proposed Construction of a SAF Production Facility Located in Sabah, Malaysia.”
SGXNet announcement by Oiltek International Limited — AGM Q&A responses (shareholder and SIAS questions, AGM 28 April 2026).
Argus Media, “Oiltek confirms Pertamina HOA has expired,” 7 April 2026.
ESG News, “IATA Expects SAF Production to Double in 2025, Reaching 2 Million Tonnes,” 1 June 2025.
The Star, “Mohd Emir, Isa Samad ordered to pay damages in Troika condo case,” 29 March 2024.
The Edge Malaysia, multiple reports 2018–2023 regarding FGV vs Mohd Emir Mavani Abdullah & 13 others (Asian Plantations Limited acquisition).
Informa Markets Thailand — YouTube channel, “Exclusive interview with Chairman of Farm fresh industries at Fi Asia Indonesia” (recorded at Fi Asia Indonesia, Jakarta, September 2024) — youtube.com/watch?v=FSSrdbha-Sc.
Google search results for the query “FarmFresh Industries,” captured 19 May 2026.
The author is an independent investor in Singapore. This page is published for informational purposes, to make a primary-source corporate-register analysis available to other investors and any regulators who may wish to consider it.
