KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor

[2023] SGHC(I) 3 Singapore International Commercial Court 8 February 2023 SIC/S 4/2017

9 cases cited Cited by 1 case

Key facts

Court	Singapore International Commercial Court
Decided	8 February 2023
Judges	Anselmo Reyes, Kannan Ramesh, Roger Giles
Charges / claim	Companies
Counsel	Allen & Gledhill LLP, Drew & Napier LLC, Rajah & Tann Singapore LLP, Audie Wong Cheng Siew, Cheng Wai Yuen Mark, Chew Xiang, Dhivya Rajendra Naidu, Dinesh Dhillon Singh, Lim Dao Kai, Lim Wee Teck Darren, Margaret Joan Ling Wei Wei, Serene Chee Yi Wen, Soh Yu Xian Priscilla, Tan Tian Hui, Toh Kian Sing

Source: [2023] SGHC(I) 3, Singapore International Commercial Court, decided 8 February 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Companies — Shares — Valuation of shares

Practice Areas

Companies

Judges (3)

Anselmo Reyes Coram Kannan Ramesh Delivered Roger Giles Coram

Counsel (15)

Allen & Gledhill LLP Firm Drew & Napier LLC Firm Rajah & Tann Singapore LLP Firm Audie Wong Cheng Siew Counsel for the second defendant Cheng Wai Yuen Mark Counsel for the first defendant Chew Xiang Counsel for the first defendant Dhivya Rajendra Naidu Counsel for the plaintiff

Dinesh Dhillon Singh Counsel for the plaintiff

Lim Dao Kai Counsel for the plaintiff Lim Wee Teck Darren Counsel for the first defendant Margaret Joan Ling Wei Wei Counsel for the plaintiff

Serene Chee Yi Wen Counsel for the plaintiff

Soh Yu Xian Priscilla Counsel for the first defendant Tan Tian Hui Counsel for the first defendant Toh Kian Sing Counsel for the first defendant

Parties (3)

DyStar Global Holdings (Singapore) Pte Ltd Second Defendant Kiri Industries Ltd Plaintiff Senda International Capital Ltd First Defendant

Case Significance

Kiri Industries Ltd v Senda International Capital Ltd and another [2023] SGHC(I) 3 was decided in the Singapore International Commercial Court on 8 February 2023, in Suit No 4 of 2017, before Kannan Ramesh JAD, Roger Giles IJ and Anselmo Reyes IJ, with Kannan Ramesh JAD delivering the judgment. The SICC had earlier held that Senda International Capital Ltd engaged in oppressive conduct against Kiri Industries Ltd in relation to DyStar Global Holdings (Singapore) Pte Ltd, their joint venture vehicle, and ordered Senda to purchase Kiri's 37.57% shareholding in DyStar at a valuation assessed as at 3 July 2018 (the Buy-Out Order), which was upheld on appeal in Senda International Capital Ltd v Kiri Industries Ltd [2019] 2 SLR 1. This most recent tranche concerned the valuation of DyStar and Kiri's shareholding, turning primarily on the parties' competing expert evidence.

What did the tranche in Kiri Industries v Senda International Capital [2023] SGHC(I) 3 concern?

The most recent tranche concerned the valuation of DyStar Global Holdings (Singapore) Pte Ltd and Kiri Industries Ltd's shareholding in DyStar. The question turned primarily on expert evidence, with Kiri and Senda each engaging valuation experts in support of their respective positions.

What was the Buy-Out Order in [2023] SGHC(I) 3?

After finding Senda had engaged in oppressive conduct against Kiri regarding their joint venture DyStar, the SICC ordered Senda to purchase Kiri's 37.57% shareholding in DyStar at a price based on a valuation assessed as at 3 July 2018. This was upheld on appeal in [2019] 2 SLR 1.