City Developments Limited (CDL) has released a statement in response to the trading halt that was called for earlier today. According to the statement, the trading halt was due to a disagreement within the board regarding the composition and constitution of the board and its committees.
In summary, investing in a condo in Singapore can yield numerous benefits, such as a high demand for property, the potential for capital appreciation, and attractive rental yields. However, one must take into consideration various factors, including but not limited to location, financing, government regulations, and market conditions. By conducting extensive research and seeking professional guidance, investors can make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate market. Whether you are a local investor seeking portfolio diversification or a foreign buyer looking for a stable and profitable investment, Singapore’s condo market offers a promising opportunity. Additionally, projects in Singapore should be considered for their potential in this market.
Despite the temporary suspension, CDL reassured that its business operations remain fully functional and unaffected. It also announced that Sherman Kwek will continue to serve as the group CEO until there is a resolution by the board to change company leadership.
As the matter is currently under review, CDL will make further announcements in accordance with the Singapore Exchange (SGX) listing rules. In a later statement, Sherman Kwek expressed disappointment over the extreme actions taken by the chairman and a minority of the board regarding the disagreement.
He clarified that their focus as CEO and directors, with guidance from the company and independent legal counsel, has been to improve governance. The trading suspension earlier today was initiated by the chairman and a minority of the board, despite it not being authorized by the majority of the board.
Kwek reiterated that the issue was not about removing the chairman and that steps were taken to strengthen the board and ensure the highest standards of governance. As the matter is now before the courts, CDL will not comment on the case and will make further announcements if there are any significant developments.
CDL also announced its financial results for FY2020 on the same day before the market opened, but later cancelled its scheduled results briefing. CDL has also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares in CDL were last traded at $5.12. This article first appeared on .