Specialty chemical firm Kiri Industries successfully sold its 37.57% stake in DyStar Global Holdings for $689.03 million, resolving a long-standing Singaporean legal battle and ending its association with DyStar, with the payment covering purchase price, buyback proceeds, interest, and court costs.
The legal proceedings, initiated by Kiri in 2015 to defend its minority shareholder rights, spanned multiple rounds of litigation and appeals. The courts ultimately confirmed minority oppression on multiple counts, directing a valuation, awarding interest, recovering costs, and ordering the en bloc sale of DyStar.
During the protracted battle, Kiri incurred substantial legal expenses due to the case’s complexity and multi-jurisdictional nature. A portion of these costs has now been recovered under the final court ruling.
Commenting on the outcome, Manish Kiri, Chairman and Managing Director of Kiri Industries Limited, said: "This marks the successful conclusion of a long and complex legal journey that began in 2015.
"While the process required significant time and legal expenditure, our priority throughout was to safeguard shareholder interests and secure a fair economic outcome. With the full proceeds now received, the Company is well positioned to strengthen its balance sheet and deploy capital prudently towards future growth opportunities."
Kiri also lauded the Singapore judicial system, including the Singapore International Commercial Court (SICC) and the Supreme Court of Singapore, for “fair, efficient and impartial adjudication.” The company also acknowledged the support of Allen & Gledhill LLP, its Singapore counsel, for effective legal representation throughout the proceedings.
The resolution is expected to reduce ongoing legal costs and allow Kiri to focus on its core businesses, diversification initiatives, and long-term growth strategy, reinforcing the company’s commitment to sustainable value creation.
