Kiri Industries received the full consideration of US$689.03 million following the en bloc sale of its entire 37.57% stake in DyStar Global Holdings (Singapore), marking the successful conclusion of a long-running legal dispute before the Singapore Courts.
The amount received includes purchase consideration, share buyback proceeds, interest, and costs awarded by the Singapore International Commercial Court. Upon receipt of the funds, DyStar has ceased to be an associate company of Kiri Industries.
The DyStar proceedings were initiated by the Company in 2015 to protect its rights as a minority shareholder. Over nearly a decade, the matter progressed through multiple stages of litigations and appeals, ultimately confirming minority oppression to Kiri on multiple counts, resulting in court-directed valuation, award of interest, recovery of costs, and an order for the en bloc sale of DyStar.
During this period, the Company incurred significant legal expenses, reflecting the complexity and multi-jurisdictional nature of the proceedings. A portion of these costs has been awarded for recovery as part of the final court outcome.