In response to a request for a trading halt earlier this morning, City Developments Limited (CDL) has released a statement explaining that the halt was due to a disagreement within the board regarding its composition and structure, as well as the board committees. Despite this, CDL reassures that their business operations continue to run smoothly without any disruptions.
Sherman Kwek will remain as the group CEO until there is a board resolution to change company leadership. According to CDL’s statement on February 26, Kwek stated that “It is incredibly disappointing that our chairman and a minority of the CDL board have decided to take these extreme actions regarding this disagreement around the size and make-up of the CDL board.” He also emphasized that the issue has never been about removing the chairman from his position, but rather to improve the company’s governance standards.
CDL has announced that it will provide updates in accordance with the listing rules of the Singapore Exchange (SGX) should there be any significant developments in this matter. In a later statement, Kwek expressed his disappointment with the chairman and minority board members for taking legal action without the majority’s authorization. He reiterated that the board’s focus has always been to enhance governance and decision-making within the company.
On February 26, before market opening, CDL reported its financial results for FY2020 and later canceled its 10am results briefing. The company’s shares were last traded at $5.12. CDL also offered a proposal to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
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