Singapore Court Orders Soneva Holdings Sale Process to Begin by November
- A Singapore court ordered Soneva Holdings' majority shareholder Steele to begin a marketed sale process by 15 November 2026, after finding it treated minority shareholder SH (BVI) Ltd unfairly through debt securities terms.
- Steele, owned by KSL Capital Partners and GIC, holds about 74.9 per cent of Soneva Holdings, while founder Sonu Shivdasani holds about 24.8 per cent through SH (BVI) Ltd.
- The ruling starts an exit process but does not mandate a completed sale by November or specify its timing or form; Steele may seek a later start date and must provide monthly progress reports.
A Singapore court has ordered Soneva Holdings’ majority shareholder to arrange for a marketed sale process to begin by 15 November 2026, following a dispute with a company through which founder Sonu Shivdasani holds his stake in the luxury resort group.
Shivdasani discussed the ruling in a LinkedIn post, saying it brought clarity to the future of the business he created with Eva Shivdasani. He said the couple no longer lived at Soneva Fushi and were planning a new chapter in luxury hospitality.
The Singapore International Commercial Court found that Steele SVA Holdings, Soneva Holdings’ majority shareholder, had treated the minority shareholder unfairly through the terms of debt securities issued to fund the business. The court changed those terms and directed Steele to arrange for the marketed sale process to begin. It did not order a completed sale by November.
Steele, an investment vehicle jointly owned by KSL Capital Partners and Singapore’s GIC, holds about 74.9 per cent of Soneva Holdings. Shivdasani holds an interest of about 24.8 per cent through SH (BVI) Ltd. The group operates Soneva Fushi, Soneva Jani and Soneva Secret in the Maldives.
Steele may ask the court to set a later start date if it can show that beginning the process by 15 November is impracticable. The court also ordered Steele to provide monthly progress reports to directors appointed by the minority shareholder.
In his post, Shivdasani reflected on the couple’s three decades with Soneva and welcomed the latest MICHELIN Key awards for its resorts. Soneva Secret and Soneva Fushi received Three Keys, while Soneva Jani received Two. He described Soneva Secret as the last resort the couple created during their time with the company.
The ruling starts a process aimed at an exit from the shareholders’ investment. It does not establish when a transaction will be completed or what form it will take.
