Deals5 Nov 2025, 03:44 pm
Kiri Industries Extends Share Purchase Agreement Deadline with Zhejiang Longsheng Group
AI Summary
Kiri Industries Ltd. has updated the status of the Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co. Ltd. The agreement, originally signed on May 29, 2025, involved the acquisition of 37.57% of DyStar Global Holdings (Singapore) Pte. Ltd. by Zhejiang Longsheng Group from Kiri Industries for a base consideration of USD 676,260,000. However, the Purchaser has failed to meet the conditions precedent for the transaction by the first long-stop date and the extended long-stop date. The Receivers have now extended the long-stop date to December 1, 2025, subject to an additional deposit into the escrow account. Kiri Industries is seeking legal advice to protect its legal rights in this matter.
Key Highlights
- Kiri Industries and Zhejiang Longsheng Group's Share Purchase Agreement extended to December 1, 2025.
- Zhejiang Longsheng Group failed to meet conditions precedent for the transaction by the first and extended long-stop dates.
- An additional deposit is required by the Receivers to extend the long-stop date.
- Kiri Industries seeking legal advice to protect its legal rights.
- The transaction involves the acquisition of 37.57% of DyStar Global Holdings (Singapore) Pte. Ltd. by Zhejiang Longsheng Group from Kiri Industries for a base consideration of USD 676,260,000.