After a call for a trading halt this morning, CDL has released a statement explaining that the halt was due to disagreements within the board regarding its composition and committees. However, CDL reassures that its business operations are running smoothly despite the temporary suspension. CEO Sherman Kwek will continue in his role until a decision is made to change company leadership.
CDL has promised to keep the public updated in accordance with SGX listing rules as the matter 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 response to the disagreement over the size and makeup of the board. He reiterated that the focus of the majority of the board, with guidance from legal counsel, has been to improve governance. The trading suspension of CDL, despite not being authorized by the majority of the board, is a result of legal action taken. Sherman Kwek clarified that the issue was not about removing the chairman, but about strengthening the board for the highest standards of governance and robust decision-making. As the case is now in court, CDL will refrain from commenting on the specifics and will make further announcements if necessary.
On Feb 26, before the market opened, CDL announced its FY2024 results. However, the company cancelled its 10am results briefing later on. CDL also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share. CDL’s shares last traded at $5.12. This article was originally published on
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