News

SINGAPORE, 21 JANUARY 2026 - WongPartnership acted for Singapore International Commercial Court (SICC)-appointed receivers from Deloitte Singapore, in the landmark share sale of DyStar Global Holdings (Singapore) Pte Ltd (DyStar), a leading dyestuff and chemical manufacturer and solution provider with a significant global footprint. This matter culminated in the successful closing of one of Singapore’s largest and most high-profile receivership sales to date.

The receivership appointment arose out of the decade-long contentious minority oppression proceedings between DyStar’s Chinese majority and Indian minority shareholders. Following findings of oppression, the SICC initially ordered a buy-out by the majority shareholder, which was later substituted with an order appointing receivers to conduct an en bloc sale of both shareholders’ stakes.

As Singapore counsel to the Receivers, WongPartnership led the design and execution of a competitive, court‑supervised sale process and the structuring and negotiation of the cross‑border share sale. Our integrated, multi‑disciplinary team combined corporate transactional expertise with disputes and restructuring capabilities to deliver end‑to‑end support, including critical litigation strategy and advice on contentious issues arising from the underlying proceedings, ensuring strict compliance with the SICC’s orders and milestones.

The transaction, based on DyStar’s implied valuation of USD1.8 billion, was structured as a full divestment of the minority shareholder’s stake to the Zhejiang Longsheng Group and successfully completed in December 2025.

The closing marks a final milestone in the long‑running DyStar saga and underscores the robustness and flexibility of the Singapore courts, and the SICC in particular, in deploying court‑appointed receiverships as a remedy for minority oppression to effectively achieve an orderly and value‑maximising outcome for stakeholders. The DyStar matter was heard by Justice Kannan Ramesh, and SICC international judges Justice Anselmo Reyes (Hong Kong) and Justice Roger Giles (Australia).

Our team advising Deloitte Singapore was led by Restructuring & Insolvency and Special Situations Advisory Partner Eden Li and Mergers & Acquisitions Partner Ho Soon Keong, with support from Head of Corporate Group and Co-Head of Mergers & Acquisitions Andrew Ang, Head of Restructuring & Insolvency Smitha Menon, Partner Joel Chng, and lawyers Jerrick Lim and Cheng Wai Yee. The team worked closely with Matt Becker, Justin Lim, and Tan Wei Cheong of Deloitte Singapore, who were appointed as Receivers by the SICC.

ABOUT WONGPARTNERSHIP LLP

Headquartered in Singapore, WongPartnership is a market leader and one of the largest law firms in the country. Its regional law network, WPG, offers clients unparalleled legal expertise and tailored solutions across Asia and the Middle East.

WongPartnership’s expertise spans the full suite of legal services, including advisory, disputes, regulatory and transactional work. We have been involved in landmark corporate transactions, as well as complex and high-profile litigation and arbitration matters.

As a signatory member of the United Nations Global Compact, WongPartnership supports the Ten Principles of the United Nations Global Compact on human rights, labour, environment and anti-corruption.

At WongPartnership, we recognise that our clients want to work with the best. As a partnership of exceptional individuals, we are committed in every way to make that happen.

ABOUT WPG. A REGIONAL LAW NETWORK

Established by WongPartnership LLP in 2017, WPG, a regional law network, brings together six prominent law firms across seven jurisdictions in a strategic collaboration to provide clients access to legal expertise throughout Asia and the Middle East.

Drawing on WongPartnership’s expertise in key markets such as India, Myanmar, Thailand and Vietnam and its offices in Singapore and China, the network also includes AL Aidarous in Abu Dhabi and Dubai, Makes & Partners in Indonesia, Cheang & Ariff and Foong & Partners in Malaysia and Gruba Law in the Philippines.

WPG combines the strengths and local insights of its member firms to offer seamless, sophisticated and practical advice. Through this integrated approach, clients benefit from unparalleled legal capabilities and tailored solutions across diverse jurisdictions.

For media enquiries, please contact:

Jarrod Ng
Chief Operating Officer
DID: +65 6416 8095
Email: jarrod.ng@wongpartnership.com

Debbie Ng
Director – Marketing & Communications
DID: +65 6416 8066
Email: debbie.ng@wongpartnership.com