Kiri Industries update on court case in Singapore

Kiri Industries announced that the Singapore International Commercial Court (SICC) vide its judgement dated 03 March 2023 has confirmed the final value of Company's 37.57% stake in DyStar Global Holdings (Singapore) (DyStar) as US$603.80 million as against US$481.60 million, which was valued by the SICC vide its judgement dated 21 June 2021 which is now significantly increased by US$122.20 million.

The court of appeal (the Supreme Court of Singapore) vide its judgement dated 6 July 2022 had decided two major points in favour of the Company related to 19% Discount for Lack of Marketability and notional licence fees with respect to exploitation of DyStar's patent by Longsheng and had directed the SICC to give effect of the said Judgement.

The buyout order is to be executed now at the value of US$ 603.80 million by Senda International Capital.

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