Kiri Industries Limited has informed the Exchange regarding a press release dated January 02, 2026, titled "Kiri Industries Receives US$689 Million from DyStar Stake Sale, Concludes Decade-Long Legal Battle".
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Kiri Industries has received the full payment of US$689.03 million from the en bloc sale of its entire 37.57% stake in DyStar Global Holdings (Singapore). The proceeds include the sale consideration, share buyback amount, interest, and legal costs awarded by the Singapore International Commercial Court. As a result, DyStar has ceased to be an associate company of Kiri Industries. The sale concludes a legal battle that began in 2015, in which Kiri, as a minority shareholder in DyStar, fought against oppression — ultimately winning on multiple counts, leading to a court-ordered valuation, interest, costs, and the en bloc sale. Management has indicated the cash will be used to strengthen the balance sheet and fund future growth, while ongoing legal expenses will materially reduce.
Strongly positive for shareholders — a large, one-time cash inflow significantly boosts the balance sheet, removes a long-standing legal overhang, eliminates recurring legal costs, and frees up management to focus on core operations and growth. The stock may see a positive reaction given the size of the inflow relative to the company.