Market Chatter: City Developments Loses Top Spot as Boardroom Tussle Lingers

MT Newswires

03-04

City Developments (SGX:C09) is no longer Singapore's largest listed property developer according to a report by Bloomberg on Tuesday after the company's stock fell following the lifting of a trading halt.

Earlier on Monday, the company's shares fell over 3% on Monday after the company resumed its trading, stating that its operations remain "fully functional and unaffected."

In a previous filing on Feb. 24, the company had called for a trading halt amid disagreement within the board over its composition and constitution.

CDL executive chairman Kwek Leng Beng had filed court papers accusing his son Sherman Kwek of "attempted coup" of the company.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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