In response to the trading halt this morning, City Developments Limited (CDL) has released a statement saying that the halt was due to a disagreement within the board regarding the composition and constitution of the board and its committees. Despite the suspension, CDL assures that its operations remain fully functional.
Sherman Kwek will continue to serve as the group CEO until there is a board decision to change company leadership. The company will provide further updates on the matter in accordance with the Singapore Exchange’s listing rules.
In a subsequent statement, Kwek expressed disappointment in the chairman and a minority of the board for taking extreme actions regarding the disagreement. He clarified that the focus of the CEO and majority of the board, with guidance from legal counsel, has been to improve governance and strengthen the board.
CDL’s trading suspension today was a result of legal action initiated by the chairman, which Kwek says was not authorized by the majority of the board. He emphasized that the dispute is not about removing the chairman, but rather about enhancing CDL’s governance standards and decision-making processes.
CDL had released its FY2020 results on Feb 26, but later cancelled its scheduled results briefing. The company also announced their plans to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares in CDL last traded at $5.12.
Condo investment has become a sought-after option in Singapore, attracting both domestic and foreign investors. The country’s thriving economy, stable political climate, and superior quality of living make it an ideal location for real estate investment. In this bustling market, condos present a compelling opportunity due to their convenience, amenities, and potential for profitable returns. To gain a better understanding of why investing in a condo in Singapore is a smart move, let’s delve into its advantages, considerations, and necessary steps. Additionally, with the ongoing new condo launches, the condo market in Singapore is only expected to grow further.