KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor

[2023] SGHC(I) 4 Singapore International Commercial Court 3 March 2023 SIC/S 4/2017 4 min read

5 cases cited Cited by 3 cases

Key facts

Court	Singapore International Commercial Court
Decided	3 March 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, See Chern Yang, Soh Yu Xian Priscilla, Teng Po Yew, Toh Kian Sing

Source: [2023] SGHC(I) 4, Singapore International Commercial Court, decided 3 March 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 Second Defendant Cheng Wai Yuen Mark Counsel First Defendant Chew Xiang Counsel First Defendant Dhivya Rajendra Naidu Counsel Plaintiff Dinesh Dhillon Singh Counsel Plaintiff Lim Dao Kai Counsel Plaintiff Lim Wee Teck Darren Counsel First Defendant Margaret Joan Ling Wei Wei Counsel Plaintiff See Chern Yang Counsel Second Defendant Soh Yu Xian Priscilla Counsel First Defendant Teng Po Yew Counsel Second Defendant Toh Kian Sing Counsel 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) 4 was a judgment of the Singapore International Commercial Court (Kannan Ramesh JAD, Roger Giles IJ and Anselmo Reyes IJ), reserved after a hearing on 27 February 2023 and delivered on 3 March 2023, with Kannan Ramesh JAD delivering the judgment of the court in Suit No 4 of 2017. The decision addressed the valuation of Kiri Industries Ltd's 37.57% shareholding in DyStar Global Holdings (Singapore) Pte Ltd pursuant to a buy-out order at a price assessed as at the valuation date of 3 July 2018. The SICC had previously found Senda International Capital Ltd liable for oppressive conduct against Kiri and ordered Senda to purchase Kiri's shareholding, with one issue being compensation for Zhejiang Longsheng Group's unauthorised use of DyStar's patent.

[2023] SGHC(I) 4 explained

KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor ([2023] SGHC(I) 4) is a Singapore judgment decided by the Singapore International Commercial Court on 3 March 2023. It is categorised under Companies. Within this corpus it has since been cited by 3 other reported Singapore judgments, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2023] SGHC(I) 4 about?

KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor ([2023] SGHC(I) 4) is a Singapore International Commercial Court decision from 2023. Its published catchwords are “Companies — Shares — Valuation of shares”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

What earlier Singapore cases does [2023] SGHC(I) 4 cite?

Among the in-corpus authorities it refers to are [2023] SGHC(I) 3. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.

How influential is [2023] SGHC(I) 4?

Within this corpus, [2023] SGHC(I) 4 has been cited by 3 later reported Singapore judgments. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

What did Kiri Industries v Senda [2023] SGHC(I) 4 decide?

The Singapore International Commercial Court addressed the valuation of Kiri Industries Ltd's 37.57% shareholding in DyStar Global Holdings (Singapore) Pte Ltd under a buy-out order, at a price assessed as at the valuation date of 3 July 2018, in Suit No 4 of 2017.

Why was Senda ordered to buy out Kiri's shares in [2023] SGHC(I) 4?

The SICC had previously found Senda International Capital Ltd liable for oppressive conduct against Kiri Industries and granted a buy-out order requiring Senda to purchase Kiri's 37.57% shareholding in DyStar. One issue was compensation for Zhejiang Longsheng Group's unauthorised use of DyStar's patent.