Kiri Industries' DyStar stake valued at US$ 603.80 Mn by SICC

Singapore International Commercial Court ("SICC") vide its judgement dated March 3, 2023 has confirmed the final value of Company's 37.57% stake in DyStar Global Holdings (Singapore) Pte Ltd ("DyStar") as US$603.80 million as against US$481.60 Million, which was valued by the SICC vide its judgement dated June 21, 2021 which is now significantly increased by US$122.20 million.

The court of appeal (the Supreme Court of Singapore) vide its judgement dated 6 July 2022 had decided two major points in favour of the Company related to 19% Discount for Lack of Marketability and notional licence fees with respect to exploitation of DyStar's patent by Longsheng and had directed the SICC to give effect of the said Judgement.

The buyout order is to be executed now at the value of US$ 603.80 million by Senda International Capital Ltd.

Shares of Kiri Industries Limited was last trading in BSE at Rs. 305.40 as compared to the previous close of Rs. 277.65. The total number of shares traded during the day was 13745 in over 538 trades.

The stock hit an intraday high of Rs. 305.40 and intraday low of 273.05. The net turnover during the day was Rs. 4029993.00.

Source : Equity Bulls

Keywords

KiriIndustries INE415I01015 DyStar StakeValuation Judgement SICC