Kiri Industries signs $696 million share purchase deal to sell DyStar stake
By Aditya Bhagchandani Published on May 30, 2025, 09:28 IST
Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co., Ltd to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. The agreement was inked on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP.
As per the SPA, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be paid by the purchaser to meet shortfall adjustments or fulfill SPA obligations, with provisions for further adjustments as per the agreement's terms.
The deal stems from a directive issued by the Singapore International Commercial Court in February 2024, ordering an en-bloc sale of stakes held by Kiri Industries and Senda International Capital in DyStar. The transaction is subject to customary closing conditions and regulatory approvals, with a long-stop date of October 2, 2025, extendable to November 3, 2025.
J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for the transaction.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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