Mercuria Holdings

7347.TTSE PRIMESecurities & Commodity Futures

Major holders (5%+) · 2

Holder	Stake	Change	Filed
SilverCape Investments Limited	11.20%	+1.15pp	2026-03-11
NGS Partners, Inc.	9.21%	0.00pp	2026-03-31

Each holder's own ratio from its most recent large-shareholding report.

Former and minor holders (below 5%) · 1

VARECS Partners Limited 0.00% 2026-03-16

Ownership history · 12

Filed	Holder	Ratio	Change	Purpose
2026-03-31Amended	NGS Partners, Inc.2026-03-31 · amended	9.21%	no change	Pure investment
2026-03-16	VARECS Partners Limited2026-03-16	0.00%	-9.22pp	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment
2026-03-03Amended	NGS Partners, Inc.2026-03-03 · amended	9.21%	new	Pure investment
2026-03-03	VARECS Partners Limited2026-03-03	9.22%	-0.83pp	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment
2025-09-01	VARECS Partners Limited2025-09-01	10.05%	-3.17pp	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment
2025-05-15	VARECS Partners Limited2025-05-15	13.22%	-1.10pp	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment
2025-05-14	SilverCape Investments Limited2025-05-14	6.14%	-5.06pp	Material proposals to management (activist); Pure investment
2025-05-02Amended	SilverCape Investments Limited2025-05-02 · amended	11.20%	+1.15pp	Material proposals to management (activist); Pure investment
2025-05-02Amended	SilverCape Investments Limited2025-05-02 · amended	10.05%	+2.52pp	Material proposals to management (activist); Pure investment
2025-05-02Amended	SilverCape Investments Limited2025-05-02 · amended	7.53%	new	Material proposals to management (activist); Pure investment
2025-04-17	VARECS Partners Limited2025-04-17	14.32%	-1.01pp	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment
2024-11-06	VARECS Partners Limited2024-11-06	15.33%	new	Material proposals to management (activist); Pure investment; Held for clients (discretionary / trust); Asset management / investment

Each holder in 5% reports, joint holders included. Purpose is classified from the filed text.