The boardroom conflict moves into Singapore’s Supreme Court on Mar 4, when a closed-door case conference will be heard
Ahead of the market open, CITY Developments Ltd (CDL) on Monday (Mar 3) morning requested its trading halt to be lifted.
Shares of CDL closed at S$5.12 on Feb 25, before calling for a trading halt.
The property giant said its business operations “remain fully functional and unaffected”, and 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 in the statement.
CDL had called for a trading halt on Feb 26, which it said was in view of the disagreement within its board over the composition and constitution of the board, as well as its committees.
Citing recent news reports, it noted that “various allegations have been made about this matter”.
“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 said.
The conflict moves into Singapore’s Supreme Court on Mar 4, when a closed-door case conference will be heard.
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