CDL loses place as S'pore's largest listed developer

Stock resumes trading amid boardroom fight, diving 6.5% before ending 2.3% lower

- Kang Wan Chern

City Developments Limited (CDL) lost its place as Singapore's largest listed developer to UOL after trading in the company's shares resumed on March 3, amid a boardroom battle for control of the property giant.

The company had called for a Feb 26 trading halt to be lifted before the stock market opened, with its shares last traded on Feb 25 at $5.12.

The stock plunged 6.5 per cent to $4.79, a 16-year low, immediately after trading began on March 3, but recovered a third of its losses to close down 2.3 per cent at $5. A total of 14 million shares changed hands.

The share fall brings CDL's market capitalisation to $4.47 billion, down from $4.57 billion when trading was halted on Feb 26 - below that of its closest rival UOL.

UOL, controlled by the family of the late banking billionaire Wee Cho Yaw, now has a market value of $4.66 billion after its shares rose 2 per cent to $5.51.