Sherman Kwek Remain Group Ceo Cdl
CDL issues statement in response to trading halt this morning
City Developments Limited (CDL) has released a statement following its call for a trading halt earlier today, citing a disagreement within the board regarding the composition and constitution of the board and its committees.
However, CDL assures that despite the temporary suspension, its business operations remain fully functional and unaffected. CDL CEO Sherman Kwek will continue in his role until there is a board resolution to change company leadership.
In light of the ongoing review, CDL will make further announcements in accordance with Singapore Exchange (SGX) listing rules. In a later statement, Kwek expresses disappointment at the chairman and a minority of the board’s decision to take extreme actions in response to the disagreement around the size and makeup of the board.
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Kwek reiterates that the focus of the CEO and directors, supported by company and independent legal counsel, has always been to improve governance. Despite the legal action taken without the authorization of the majority of the board, CDL’s trading suspension earlier today was related to this issue.
Kwek clarifies that the matter has never been about removing the chairman, but rather to strengthen the board and ensure the highest standards of governance. As the case is now before the courts, CDL will refrain from commenting on its merits and will make further announcements if significant developments arise.
CDL had released its FY2020 results on Feb 26 before the market opened, but later canceled its 10am results briefing. In other news, CDL has offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.
Shares of CDL last traded at $5.12. This article first appeared on www.theonlinecitizen.com.