Zhejiang Longsheng to pay Kiri $696M for DyStar shares

SINGAPORE – After a long legal wrangle, DyStar’s major shareholder Zhejiang Longsheng Group has agreed to pay $696.54 million to acquire 37.57% of the issued shares in DyStar Global Holdings (Singapore) previously held by India’s Kiri Industries Limited.

The share purchase agreement means that DyStar – a well-known specialty chemicals supplier – will transition to full ownership by the Zhejiang Longsheng and follows a ruling by the Singapore International Commercial Court, which mandated the sale of 100% of DyStar’s equity.