Kiri Industries Limited announced a major legal win as the Court of Appeal of Singapore upheld its claims, awarding priority payment from the en bloc sale of DyStar and interest on the buyout amount of US$603.80 million. The judgment, dated January 31, 2025, rejected appeals from Senda International Capital Limited and upheld Kiri’s right to receive payments in priority.
Key highlights from the judgment include:
- Priority payment approval: Kiri Industries was granted US$603.80 million from the en bloc sale of DyStar shares, overriding claims from majority shareholder Senda.
- Interest award: Kiri will receive 5.33% annual interest on the buyout amount, retroactive to September 3, 2023, until the final payment.
- Legal costs: Senda International was ordered to cover the legal expenses incurred by Kiri during the appeals.
The decision further underscores the court’s firm stance on shareholder rights and prioritizes Kiri’s exit at a fair valuation despite prolonged legal delays.
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