Sherman Kwek Remain Group Ceo Cdl
CDL Responds to Trading Halt and Board Disagreement
City Developments Limited (CDL) has released a statement in response to the trading halt that was called earlier this morning. According to the statement, the halt was due to a disagreement within the board regarding the composition and constitution of the board and its committees.
However, despite the temporary suspension, CDL reassures stakeholders that its business operations are fully functional and unaffected. Sherman Kwek will continue to serve as the group CEO until a board resolution is made to change the company’s leadership.
CDL will make further announcements in accordance with Singapore Exchange (SGX) listing rules as the matter is currently under review. In a later statement, Sherman Kwek expressed disappointment with the chairman and a minority of the CDL board for taking extreme actions in relation to the board’s size and makeup.
The CEO and directors, with the support of company and independent legal counsel, have prioritized improving governance. Despite this, CDL’s trading suspension was implemented as the issue is now before the courts, even though it was not authorized by the majority of the board.
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Sherman Kwek clarified that the disagreement was not about removing the chairman, but rather about strengthening the board and ensuring high standards of governance. As the matter is now under court adjudication, CDL will refrain from commenting on the case’s specifics and will make further announcements if there are any material developments.
CDL had released its FY2020 results on Feb 26 before the market opened and cancelled its 10am results briefing. The company’s shares last traded at $5.12. This article first appeared on