City Developments Limited (CDL) has released a statement in response to the trading halt it called for earlier this morning. According to the statement, the halt was due to a disagreement within the board regarding the composition and constitution of the board and the board committees.
Despite the temporary suspension, the company’s business operations remain fully functional and unaffected, as stated in their February 26 press release. Sherman Kwek will continue to serve as the group CEO until there is a board resolution to change company leadership.
The matter is currently under review, and the company will provide updates in line with the Singapore Exchange (SGX) listing rules. In a later statement, Sherman Kwek expressed disappointment over the chairman and a minority of the board’s actions regarding the board size and makeup disagreement.
The CEO reiterated that the focus of the majority of the board, with guidance and support from the company and independent legal counsel, has always been to improve governance. The trading halt earlier today was taken despite the legal action not being authorized by the majority of the board.
Kwek emphasized that the issue was never about removing the esteemed chairman, and the steps taken to strengthen the board were solely to ensure the highest standards of governance, for which CDL is known. Since the matter is now being adjudicated in court, the company will not comment on the merits of the case and will provide updates if there are any significant developments.
Investing in a condo in Singapore has become a highly sought-after option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and exceptional quality of life. The real estate market in Singapore presents a wealth of opportunities, with condos being particularly attractive due to their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, important factors to consider, and steps to take when looking to invest in a condo in Singapore.
CDL also announced its results for FY2020, ended December 31, 2020, on February 26 before the market opened. The company later cancelled its 10 am results briefing. CDL also made an offer to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares in CDL last traded at $5.12. This article was originally published on .