Kiri Industries Limited has successfully concluded a prolonged legal dispute after receiving the full consideration of US$689.03 million from the en bloc sale of its entire 37.57% equity stake in DyStar Global Holdings (Singapore) Pte. Ltd.. The receipt of funds marks the final resolution of proceedings that were heard before the Singapore Courts and brings closure to a matter that has spanned nearly ten years.
The amount received comprises the purchase consideration, share buyback proceeds, interest, and costs awarded by the Singapore International Commercial Court. Following the completion of the transaction, DyStar has ceased to be an associate company of Kiri Industries Limited.
The dispute originated in 2015, when Kiri Industries initiated legal action to protect its rights as a minority shareholder in DyStar. Over multiple stages of litigation and appeals, the courts upheld findings of minority oppression on several counts in favour of Kiri Industries. The final outcome included a court-directed valuation of DyStar, award of interest, recovery of costs, and an order mandating the en bloc sale of the company.
During the course of these complex and multi-jurisdictional proceedings, Kiri Industries incurred substantial legal expenses, reflecting the scale and intricacy of the matter. A portion of these costs has been awarded for recovery as part of the final judgment. The company has expressed its appreciation for the Singapore judicial system, including the Supreme Court of Singapore, highlighting the fairness, efficiency, and impartiality demonstrated throughout the adjudication and enforcement process.
Kiri Industries has also acknowledged the consistent legal support provided by Allen & Gledhill LLP, which represented the company in Singapore across the duration of the proceedings.
