Kiri Industries Secures $689.03 Million From DyStar Stake Exit

Kiri Industries Limited has formally completed its divestment from DyStar Global Holdings (Singapore) Pte. Ltd., marking the end of a prolonged legal dispute that spanned nearly ten years. The company confirmed receipt of $689.03 million, representing the full consideration for its 37.57% equity stake.

Key Highlights

• The transaction amount includes purchase consideration, share buyback proceeds, accrued interest, and costs awarded by the Singapore International Commercial Court.
• DyStar has ceased to be an associate company of Kiri Industries following the completion of the sale.
• The legal proceedings began in 2015, with Kiri Industries seeking protection of minority shareholder rights.
• The matter involved multiple litigations and appeals across Singapore courts before final resolution.
• The purchaser of the stake was Zhejiang Longsheng Group Co., Ltd., completing the court-supervised process.
• The payout strengthens Kiri Industries’ balance sheet and provides significant liquidity for future growth initiatives.
• The conclusion of the dispute marks a milestone in corporate governance and minority shareholder protection.

Conclusion
The successful exit from DyStar not only closes a long-standing legal chapter for Kiri Industries but also positions the company with enhanced financial strength to pursue new opportunities in the chemical and textile sectors.

Sources: FilingReader, Business Upturn, ScanX News