Singapore court orders Soneva Holdings sale process to begin by November

The Singapore International Commercial Court (SICC) has ordered the majority shareholder of Soneva Holdings Pte Ltd to begin a marketed sale process for the company by 15 November, after ruling in favour of a minority shareholder in a dispute over the financing and management of the company.

The case was brought by SH (BVI) Ltd, the investment vehicle through which Soneva founder Sonu Shivdasani holds his interest in Soneva Holdings, against majority shareholder Steele SVA Holdings LLC and Soneva Holdings.

Steele, an investment vehicle jointly owned by private equity firm KSL Capital Partners and Singapore sovereign wealth fund GIC, holds approximately 74.9% of Soneva Holdings. SH BVI holds about 24.8%, while the remaining approximately 0.3% is held by former interim Soneva chief executive Bruce Bromley. 

KSL announced in May 2025 that an affiliate had taken a majority interest in Soneva after initially acquiring a minority stake in the company in 2019.

The dispute centred on debt securities issued by Soneva Holdings to Steele in August 2025 to raise up to USD 37 million. The securities carried an annual interest rate of 18%, compounding annually, as well as a provision requiring twice the outstanding principal and accrued interest to be paid upon certain exit events, including a marketed sale.

SH BVI challenged the arrangement in court, alleging that Steele, as the majority shareholder, had acted unfairly towards it.

In its judgment issued on 17 September, the SICC allowed SH BVI's minority oppression claim, finding that Steele had acted in a commercially unfair manner by causing Soneva Holdings to issue the debt securities on what the court described as “extortionate terms”, in breach of an agreed emergency funding mechanism and without meaningful participation by the minority shareholder.

The court reduced the interest rate on the disputed securities from 18% to 15% and removed the provision requiring twice the principal and accrued interest to be paid upon an exit. It said the original terms had increased Steele's returns at the expense of SH BVI.

The court declined SH BVI's request for Steele to buy its 24.8% stake, which SH BVI had sought at a value of USD 70.8 million. Instead, it decided that the parties should proceed with the exit mechanism they had previously agreed.

Under a May 2025 settlement between the shareholders, both parties had agreed to use all reasonable efforts to exit their investments in Soneva Holdings by 15 November 2026. The court ordered Steele to ensure that Soneva Holdings begins a marketed sale process by that date.

If Steele considers it impracticable to begin the process by 15 November, it may apply to the court for a revised date. The court also ordered Steele to provide SH BVI's appointed directors with monthly reports on the sale process, including information on any sales agent appointed, marketing and due diligence, and developments affecting the timetable.

Soneva was founded by Sonu Shivdasani and Eva Malmström Shivdasani, with its first resort, Soneva Fushi, opening in the Maldives in 1995. The group currently operates Soneva Fushi, Soneva Jani and Soneva Secret in the Maldives. It also operates the Soneva in Aqua yacht.

The company established its reputation around a model combining high-end hospitality with environmental and sustainability initiatives. KSL Capital Partners first invested in Soneva in 2019 before taking a majority interest in 2025.