CDL seeks shareholders’ nod to buy back shares, which could raise Kwek family’s stake to 55.5%
A recent tussle for control of CDL between Mr Kwek Leng Beng (right) and his son Sherman Kwek sent the company's shares tumbling.PHOTO: LIANHE ZAOBAO FILE
Angela Tan
UPDATED APR 08, 2025, 10:26 PM
SINGAPORE – City Developments Limited (CDL), the Singapore hotel and property group that was embroiled in a recent boardroom feud, is seeking shareholders’ approval to buy back the company’s shares.
In a letter to shareholders on April 8, CDL executive chairman Kwek Leng Beng said the company is seeking shareholders’ approval at its annual general meeting on April 23 to renew a share purchase mandate.
This would allow the company to buy back up to 10 per cent of its ordinary shares from the market, as well as an additional 10 per cent of its preference shares.
This could see the Kwek family’s controlling stake in CDL increase to 55.51 per cent from 49.29 per cent as at March 10
CDL SHARE BUYBACK. HUGE UNDERVALUED STOCK . RNAV : $19.86
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
