Kiri Industries has received the full consideration of $689.03 million following the en bloc sale of its entire 37.57 per cent stake in DyStar Global Holdings (Singapore), bringing to a close a decade-long legal dispute before the Singapore courts.

The amount received includes the purchase consideration for the stake, proceeds from a share buyback, interest and costs awarded by the Singapore International Commercial Court (SICC). Following receipt of the funds, DyStar has ceased to be an associate company of Kiri Industries.

The legal proceedings were initiated by Kiri Industries in 2015 to safeguard its rights as a minority shareholder in DyStar. Over nearly ten years, the case progressed through multiple stages of litigation and appeals. The courts ultimately upheld findings of minority oppression against Kiri on several counts, leading to a court-directed valuation of DyStar, award of interest, recovery of costs and an order for the en bloc sale of the company.

During the prolonged legal process, Kiri Industries incurred substantial legal expenses due to the complexity and multi-jurisdictional nature of the case. A portion of these costs has been awarded for recovery as part of the final court outcome.

Commenting on the development, Manish Kiri, Chairman and Managing Director, Kiri Industries, 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.”

The company also placed on record its appreciation for the Singapore judicial system, including the SICC and the Supreme Court of Singapore, for the fair and efficient adjudication and enforcement of judgments. Kiri Industries acknowledged the role of its Singapore legal counsel, Allen & Gledhill LLP, in providing effective representation throughout the proceedings.

With the DyStar matter resolved, the company expects a material reduction in ongoing legal expenses, allowing management to focus on core businesses, diversification initiatives and long-term growth, while strengthening its commitment to sustainable value creation for stakeholders.