CDL calls for trading halt, cancels results briefing

Listed property developer City Developments Limited (CDL) called for a trading halt before the market opened on Feb 26.

- Colin Tan

Following the release of its request for trading halt announcement, the company also cancelled a briefing for its 2024 results, which had been scheduled for 10am on Feb 26, pending the release of further announcements.

In a subsequent statement, a CDL spokesman acknowledged that the trading suspension was due to a disagreement within the board, although “business operations remain fully functional and unaffected”, and “Mr Sherman Kwek remains the group chief executive officer until such time as there is a board resolution to change company leadership”.

In documents filed with the Singapore Exchange, CDL also posted full-year results that showed a substantial fall in both revenue and net profits.

Revenue fell to $3.3 billion, down 33.8 per cent from the previous year's $4.9 billion, while net profit after tax and non-controlling interest fell to $201.3 million, down 36.6 per cent from $317.3 million.