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City Developments Limited (CDL) has issued a statement explaining the trading halt earlier today, stating that it was due to disagreements within the board regarding the board composition and structure. However, CDL reassured that business operations are not affected and will continue as usual. Sherman Kwek will remain as the group CEO until the board makes any changes to the leadership.
In response to the ongoing matter, the company has confirmed that there will be further announcements following SGX listing rules. In a later statement, Sherman Kwek expressed disappointment in the extreme actions taken by the chairman and a minority of the board regarding the disagreement.
He also clarified that the issue was never about removing the chairman and that the steps taken to improve governance were to ensure the highest standards in CDL’s decision-making process. The trading suspension has been initiated despite not being authorized by the majority of the board, as the matter is now before the courts for adjudication.
CDL’s financial results for FY2024, which ended on December 31, 2024, were announced on February 26, before the market opened. However, the company cancelled its results briefing at 10am. CDL also recently offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares for CDL last traded at $5.12.