SINGAPORE: The trading halt on shares of City Developments Limited (CDL) is being lifted on Monday (Mar 3) with the company saying it’s “business as usual” after the boardroom leadership tussle emerged last week.
The company called for a trading halt on Feb 26.
The decision to halt trading was made in view of the disagreement within its Board concerning the composition and constitution of the Board and the Board committees, it said in a media statement on Monday.
With reference to the recent news reports, various allegations have been made about this matter, among others, it said.
“CDL will not comment on the validity of these allegations, as many of these allegations are the subject of the court proceedings which are ongoing,” it added.
CDL’s business operations remain fully functional and unaffected, it said, adding that it is “business as usual”.
“Mr Sherman Kwek remains the Group Chief Executive Officer until such time as there is a Board resolution to change company leadership,” it said.
CDL added that it will update its shareholders if there are “any material developments in relation to the above in accordance with the requirements of the SGX-ST Listing Manual”.
