Kiri Industries Ltd v Senda International Capital Ltd and another

• Jurisdiction: Singapore
• Court: International Commercial Court (Singapore)
• Judge: Kannan Ramesh J
• Judgment Date: 21 June 2021
• Neutral Citation: [2021] SGHC(I) 6
• Citation: [2021] SGHC(I) 6
• Hearing Date: 16 June 2021
• Year: 2021
• Published date: 23 June 2021
• Docket Number: Suit No 4 of 2017
• Subject Matter: Companies,Valuation of shares,Shares
• Plaintiff Counsel: Dinesh Dhillon, Lim Dao Kai, Margaret Joan Ling, Dhivya Naidu and Serene Chee Yi Wen (Allen & Gledhill LLP)
• Defendant Counsel: Toh Kian Sing SC, Cheng Wai Yuen, Mark, Soh Yu Xian, Priscilla and Lim Wee Teck, Darren (Rajah & Tann Singapore LLP),Teng Po Yew (Drew & Napier LLC)

Kannan Ramesh J (delivering the judgment of the court): The final valuation of Kiri’s shares in DyStar

This is our decision on the final value of the 37.57% shareholding of Kiri Industries Ltd (“Kiri”) in DyStar Global Holdings (Singapore) Pte Ltd (“DyStar”). Our decision herein is the culmination of the following judgments: On 3 July 2018, in DyStar Global Holdings (Singapore) Pte Ltd v Kiri Industries Ltd and others and another suit [2018] 5 SLR 1 (the “Main Judgment”), we held (i) at [281(a)] that Senda International Capital Ltd (“Senda”) was to purchase Kiri’s 37.57% shareholding in DyStar (“Kiri’s shares”) based on a valuation to be assessed, and (ii) at [281(b)] that Kiri’s shares were to be valued as at the date of the Main Judgment, ie, 3 July 2018 (“the valuation date”). Our findings in the Main Judgment were upheld on appeal in Senda International Capital Ltd v Kiri Industries Ltd and others and another appeal [2019] 2 SLR 1. On 12 March 2019, in Kiri Industries Ltd v Senda International Capital Ltd and another [2019] 4 SLR 1, we held, inter alia, that no minority discount for lack of control should be applied to the valuation of Kiri’s shares. This decision...