Singapore – DyStar Group issues this statement to clarify any misconceptions regarding the recent appointment of receivers over the enbloc sale of the shares in DyStar.
- For clarification, the court appointment of receivers is solely for the purpose of facilitating an enbloc sale of the shares in DyStar.
- It is important to emphasize that this action does not lead to any change in DyStar’s ongoing business operations, and the Company is still fully managed and run by its management team.
We would like to reassure all stakeholders and interested parties that DyStar is in a strong financial position. The Company is not experiencing any shortage of funds, is cashflow self-sufficient, and does not depend on external borrowing.
Furthermore, it should be noted that the decision to pursue the enbloc sale stems from Senda’s inability to afford the buyout of Kiri’s shares in DyStar and does not indicate any financial challenges within DyStar itself. In essence, the sale is intended to enable the disputing shareholders to amicably part ways.
Mr. Xu Yalin, Managing Director, and President of DyStar Group said, “The recent appointment of receivers over DyStar’s shares is purely a procedural step aimed at facilitating an enbloc sale and does not reflect any financial distress within the company. Our reserves speak to our robust financial health, and we are fully committed to maintaining our operational excellence and serving our customers with the same level of dedication and quality they have come to expect from DyStar.”
DyStar remains committed to transparency and ensuring accurate information reaches all our stakeholders and interested parties.
