DyStar moves to full Longsheng control amidst $2.31b court sale

Kiri Industries nabs $884.4m (U$689m) recovery as court-appointed receivers exit stake.

Deloitte Singapore has announced the completion of the sale of shares in DyStar Global Holdings Pte Ltd at an implied equity value of $2.31b (US$1.8b).

Following the completion, DyStar is now fully owned by Zhejiang Longsheng Group Limited, a chemical manufacturing firm listed on the Shanghai Stock Exchange.

Deloitte Singapore Strategy, Risk & Transactions Partners Matt Becker, Justin Lim and Tan Wei Cheong were appointed as receivers by the Singapore International Commercial Court to lead the merger and acquisition sale process.

The transaction resulted in a $884.41m (U$689m) recovery for Kiri Industries Limited for its 37% stake.

WongPartnership and A&O Shearman acted as legal counsel to the receivers.

US$1 = $1.28

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