Sherman Kwek Remain Group Ceo Cdl
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CDL Responds to Trading Halt and Board Disagreement
City Developments Limited (CDL) has provided an update on the trading halt that was called earlier this morning. According to CDL, the trading halt was due to a disagreement within the board regarding its composition and constitution, as well as the board committees.
Despite the temporary suspension, CDL assures that its business operations remain fully functional and unaffected. Sherman Kwek will continue to serve as the group CEO until the board reaches a resolution to change company leadership.
In response to the current situation, CDL stated that it will make further announcements in accordance with the Singapore Exchange (SGX) listing rules should there be any significant developments. Additionally, Sherman Kwek also released a statement expressing disappointment over the chairman and a minority of the board’s extreme actions.
The CEO emphasized that the focus of the board majority, with support from the company and independent legal counsel, is to improve governance. As for the trading suspension, Sherman Kwek revealed that it was made despite not being authorized by the majority of the board.
He also clarified that the disagreement was not about ousting the chairman but to strengthen the board’s composition and decision-making process. As the matter is now under court review, CDL will refrain from commenting on the case’s merits and will make further announcements if necessary.
On Feb 26, CDL released its financial results for FY2020 ended Dec 31, 2020, before the market opened. However, the company later cancelled its 10am results briefing. CDL also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares in CDL last traded at $5.12. This article first appeared on .
