City Developments Limited (CDL) saw its stock plummet 3.13% in intraday trading, as the Singapore property developer seeks shareholders' approval for a share buyback plan amid a broader market decline. The move comes in the wake of a recent boardroom feud and aims to potentially increase the Kwek family's controlling stake in the company.

CDL's executive chairman Kwek Leng Beng announced in a letter to shareholders that the company is seeking approval to repurchase up to 10% of its ordinary shares and an additional 10% of its preference shares. This buyback could raise the Kwek family's stake from 49.29% to 55.51%, potentially helping to fend off unwanted takeovers and stabilize the company following recent internal conflicts. However, investors appear to be reacting cautiously to this development, contributing to the stock's significant drop.

The decline in CDL's share price also occurs against a backdrop of broader market weakness. Singapore's Straits Times Index (STI) fell 1.7% on Wednesday, with several blue-chip stocks experiencing notable losses. Adding to the negative sentiment, Prime Minister Lawrence Wong warned that recent US tariffs would significantly impact Singapore's economic growth, potentially affecting outward-oriented sectors such as manufacturing, wholesale trade, and transport. These factors may have further exacerbated the downward pressure on CDL's stock price as investors reassess their positions in light of both company-specific news and macroeconomic concerns.