Dystar

Kiri Industries’ investment in DyStar reflects a strategic partnership that has contributed to global growth, innovation, and long-term value creation.

Kiri Industries acquired a 37.57% stake in DyStar, becoming a significant minority shareholder in the global specialty chemicals company. The investment represented Kiri’s commitment to international growth and long-term value creation.

Between 2015 and 2025, Kiri successfully pursued shareholder rights through Singapore courts, resulting in landmark judgments concerning minority oppression, valuation, and shareholder protection, ultimately affirming the value of Kiri’s investment in DyStar.

Milestones in the DyStar Shareholder Dispute

Through sustained legal efforts, Kiri achieved significant court victories that culminated in the recognition of fair value for its DyStar shareholding, reinforcing shareholder rights and creating substantial long-term value for stakeholders.

2025

Court of Appeal Confirms Kiri's Entitlement

The Singapore Court of Appeal upheld key SICC orders, affirming Kiri’s entitlement under the oppression remedy and supporting payment mechanisms linked to the DyStar sale process.

2024

Court Orders En Bloc Sale

After challenges in implementing the buyout, the SICC ordered an en bloc sale process for DyStar and appointed receivers to oversee the transaction under court supervision.

2023

Stake Value Raised to USD 603.8 Million

Following further judicial review, the SICC increased the value of Kiri’s 37.57% stake to USD 603.8 million, significantly enhancing the compensation payable under the buyout order.

2022

Valuation Appeals Progress

Appellate proceedings examined important valuation issues, including the treatment of intellectual property and related-party benefits, laying the groundwork for a revised valuation assessment

2021

First Valuation Award Issued

The SICC issued its first valuation judgment, determining Kiri’s shareholding value at approximately USD 481.6 million, subject to further review and valuation-related proceedings.

2020

Valuation Proceedings Advance

The litigation entered a valuation phase involving extensive financial analysis, expert testimony, and assessment of DyStar’s business performance to determine the fair value of Kiri’s stake.

2019

Appeal Upholds Oppression Findings

Singapore’s appellate court substantially upheld the SICC’s findings on minority oppression, reinforcing Kiri’s position and confirming the buyout framework ordered by the court.

2018

Kiri Wins Liability Judgment

The SICC found that Senda had committed multiple acts of minority oppression against Kiri and ordered Senda to purchase Kiri’s 37.57% shareholding in DyStar at fair value.

2017

Case Transferred to SICC

Due to its international commercial nature, the dispute was transferred to the Singapore International Commercial Court (SICC), enabling a specialized forum to hear the complex cross-border shareholder conflict.

2016

Proceedings Continue Before Singapore Courts

The parties exchanged pleadings, evidence, and expert materials while the dispute progressed through Singapore’s judicial process, focusing on governance, related-party transactions, and shareholder rights.

2015

Minority Oppression Suit Filed

Kiri Industries commenced legal proceedings in Singapore against Senda and DyStar, alleging minority oppression, exclusion from management, and unfair conduct affecting Kiri’s interests as a 37.57% shareholder.

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