DyStar, a leading specialty chemical company with a heritage of more than a century in product development and innovation, wishes to provide an update on the progress of Share Purchase Agreement signed for the acquisition of 37.57% of the issued share capital of DyStar Global Holdings (Singapore) Pte Ltd. - Zhejiang Longsheng Group Co., Ltd. has paid a deposit of USD 3,482,739 into the escrow account and submitted the required filing documents to the National Development and Reform Commission and the Ministry of Commerce. As of this date, these filings remain pending.
- On November 4, an extension of the final deadline was mutually agreed via email between Zhejiang Longsheng Group Co., Ltd. and the Receivers (appointed by Deloitte & Touche Financial Advisory Services Pte Ltd), extending the deadline to December 1, 2025.
- An additional USD 5,112,156 deposit is required to be transferred to the escrow account within 10 working days following November 3, 2025.
- A supplemental agreement will be carried out to formally document this extension.
Mr. Xu Yalin, Managing Director and President of DyStar Group, stated: “DyStar remains confident in Zhejiang Longsheng Group’s ability to advance the transaction and complete the necessary regulatory filings and approvals from government authorities.”
Zhejiang Longsheng Group has paid a deposit of $3.48 million and submitted required filings to Chinese authorities, currently pending approval.
Both parties have extended the final deadline to December 1, 2025, with an additional $5.11 million deposit due within 10 working days from November 3.
A supplemental agreement will formalise this extension.
DyStar is committed to transparency and to ensuring accurate information is communicated to all stakeholders and interested parties in a timely manner.
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