Pacific Challenge Holdings has staved off closure after a Bermuda court threw out an application by a disgruntled shareholder to have the company wound up for allegedly damaging the interests of minority investors. A ruling is still awaited on whether Pacific Challenge should be forced to buy Norwegian shareholder Kistefos Investment's stake in the firm at a price determined by the court. '[Pacific Challenge] was informed by its legal advisers in Bermuda that the application by the company to strike out the claim of Kistefos to wind up the company was successful,' according to a statement by Pacific Challenge. Pacific Challenge said it had not received a written judgment but its legal advisers had been informed of the decision. Kistefos said it would not comment on the proceedings as a written judgment had not been handed down. 'The judge's written decision is not yet available. It is therefore premature to comment on the effect of the decision,' said a spokesman for Kistefos. Kistefos filed a petition in March seeking that Pacific Challenge be wound up or be forced to purchase its 21.78 per cent stake at a court-determined price. With the winding-up option being thrown out by the court further hearings are expected on whether Pacific Challenge will have to buy Kistefos' stake. 'Proceedings are continuing - a substantial portion of the petition remains and Kistefos will be pursuing this through the Bermudan courts,' said the spokesman. 'This includes its claim for an order that [Pacific Challenge] and/or its chairman Lily Chiang should purchase its shares in the company at a fair value to be determined by the court.' The conflict between Kistefos and Pacific Challenge began last summer. Kistefos is thought to have been behind a shareholder revolt in July last year that prevented Pacific Challenge from buying Internet company Cents .com for HK$170 million in a connected transaction. Cents.com was owned by E1 Media Technology, the largest shareholder in Pacific Challenge, and had net assets of only HK$5.9 million in March last year. Ms Chiang holds 60 per cent of E1 Media, according to Pacific Challenge's annual report. Ms Chiang holds 33.52 per cent of Pacific Challenge including all of the stake held under E1 Media. Kistefos Investment is majority owned by Norwegian private investor Christen Sveaas.