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New World replaces CEO after only two months
The Straits Times
|November 30, 2024
HONG KONG - New World Development has replaced its chief executive officer in another dramatic development for the Hong Kong property company mired in leadership woes.
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The company named Ms Echo Huang Shaomei as CEO, replacing Mr Eric Ma who was in the job for only two months, New World said in a filing to the Hong Kong stock exchange, confirming an earlier Bloomberg report.
The company's stock was suspended from trading on Nov 29 after its shares fell as much as 6.9 per cent following Bloomberg's report.
Some of New World's US dollar bonds are set for their worst daily drop in 14 months, after the news of the leadership change.
Its 5.25 per cent perpetual note was down 4.7 cents to 71 cents, the biggest fall since Sept 11, 2023, Bloomberg-compiled prices show. Its 6.25 per cent note fell more than three cents to 45.2 cents, set for the lowest level since August 2023.
Dit verhaal komt uit de November 30, 2024-editie van The Straits Times.
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