Sherman Kwek Remain Group Ceo Cdl

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City Developments Limited (CDL) has released a statement explaining the trading halt that was called for earlier today. According to the statement, the halt was due to a disagreement within the board regarding the composition and structure of the board and its committees.

The company also clarified that despite the trading halt, its business operations are still running smoothly and remain unaffected. However, Sherman Kwek will continue to serve as the group CEO until a board resolution is made to change company leadership.

CDL has stated that they will make further announcements in accordance with the Singapore Exchange (SGX) listing rules if there are any significant developments in this matter, as it is currently under review.

In a later statement, Sherman Kwek expressed disappointment at the extreme actions taken by the chairman and a minority of the board in regards to this disagreement. He explained that the focus of the board majority, with the guidance of the company and independent legal counsel, has always been to improve governance.

CDL’s trading suspension was announced earlier today as the issue is being taken to court, despite not being authorized by the majority of the board. Kwek emphasized that this disagreement was not about removing the chairman, but rather about strengthening the board and ensuring the highest standards of governance.

As the matter is now before the courts, CDL will not comment on the merits of the case and will make further announcements if there are any material developments. The company had announced its FY2024 results on Feb 26, but later cancelled its results briefing. Shares in CDL last traded at $5.12.

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