Kiri Industries Ltd v Senda International Capital Ltd and another
Jurisdiction | Singapore |
Court | International Commercial Court (Singapore) |
Judge | Kannan Ramesh J,Roger Giles IJ,Anselmo Reyes IJ |
Judgment Date | 03 June 2021 |
Neutral Citation | [2021] SGHC(I) 2 |
Citation | [2021] SGHC(I) 2 |
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) |
Subject Matter | Impact of expiration,Shares,Issue estoppel,Expiration,Valuation of shares,Patents and Inventions,Res Judicata,Companies |
Hearing Date | 16 March 2021 |
Plaintiff Counsel | Dinesh Dhillon, Lim Dao Kai, Margaret Joan Ling, Dhivya Naidu and Serene Chee Yi Wen (Allen & Gledhill LLP) |
Published date | 09 June 2021 |
Docket Number | Suit No 4 of 2017 |
On 21 December 2020, in
The facts have been set out extensively in the
We provided an interim valuation of DyStar in the
The parties’ experts were unable to agree on every point. On 25 January 2021, they submitted a joint expert report (“the Report”) addressing the nine adjustments. This was accompanied by a letter from Kiri seeking clarification on (a) pre-judgment interest and (b) the relief to which it would be entitled if Senda failed to comply with the buy-out order in the
This Judgment addresses the effect of the nine adjustments on our interim valuation of DyStar.
Outstanding adjustments to be made to DyStar’s valuation The
Issues 4 and 8 (on DLOM and the special incentive payment, respectively) are not in dispute. In the Report, the experts agreed on these issues and their joint position has been incorporated into our final valuation of DyStar.
The experts’ positions on the contested IssuesThe experts’ positions on the adjustments that arose from the contested issues are set out in tables at pages 2 and 3 of the Report. Where there are discrepancies between the two experts’ tables, we have indicated below more precise figures (based on decimal points) or the figures that the parties have more consistently adopted in the Report.
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The foregoing table refers to “DyStar’s EV” and “DyStar’s adjusted EV”. The experts explained the difference between the two expressions:
A final inconsequential divergence between the experts is not fully captured in the table. The experts disagree over whether the 19% DLOM (see [246] of the
The following matters arise in relation to the seven issues on which there is no consensus between the experts:
In general, Ms Harfouche’s position in the Report on the seven disputed issues is well-reasoned and explained with reference to
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