KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor [2021] SGHC(I) 6 (21 June 2021)

The final value of Kiri's 37.57% shareholding in DyStar as at 3 July 2018 is US$481.6m, with no minority discount applied, based on the agreed calculation by the parties' experts following the court's directions and prior judgments.

Citation: [2021] SGHC(I) 6
Parties: Plaintiff: Kiri Industries Ltd; First Defendant: Senda International Capital Ltd; Second Defendant: another
Jurisdiction: Singapore
Judgment Date: 21 June 2021
Procedural Posture: Commercial Suit / Final Judgment on Share Valuation
Outcome: Final valuation of Kiri's shares adjudged at US$481.6m for the purposes of the buy-out order.
Legal Topics: Share Valuation, Minority Buy Out, Minority Discount, Equity Valuation

Company Law Commercial Law Share Valuation Minority Buy Out Minority Discount Equity Valuation

Case Brief

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Parties

Kiri Industries Ltd

Plaintiff

Senda International Capital Ltd

First Defendant

another

Second Defendant

Procedural Posture

Commercial Suit / Final Judgment on Share Valuation

Legal Issues

1 What is the final value of Kiri's 37.57% shareholding in DyStar as at 3 July 2018?
2 Should a minority discount for lack of control be applied to the valuation of Kiri's shares?
3 What adjustments should be made to DyStar's interim valuation?

Ratio Decidendi

Court Disposition

Final valuation of Kiri's shares adjudged at US$481.6m for the purposes of the buy-out order.

Orders

Senda to purchase Kiri's 37.57% shareholding in DyStar for US$481.6m as at 3 July 2018.
Supreme Court Registry to issue directions on costs.