CDL shares dip 6% after strategic review release
The counter has rebounded to S$7.89 as at 9.40 am, still trading 4.5% lower
City Developments Limited (CDL) shares experienced a significant drop of more than 6 percent on Monday, September 28, following the release of its strategic review. The counter initially fell by 4.2 percent in early trade before continuing its decline to S$7.75, marking a 6.1 percent decrease. However, CDL shares managed to rebound to S$7.89 by 9:40 am, still trading 4.5 percent lower, or S$0.37 less than the previous trading session.
In the strategic review, CDL announced plans to allocate S$5 billion for growth capital and target S$6 billion in divestments across its portfolio over the next three years. This move is part of a "refreshed" strategy aimed at enhancing strategic focus and long-term shareholder value.
The company's shares hit a low of S$4.35 in April 2025, following a boardroom dispute between executive chairman Kwek Leng Beng and his son, Sherman Kwek, who serves as the group CEO. The dispute intensified in February of the previous year when Sherman Kwek attempted a coup, leading to a legal battle between the two Kweks as the executive chairman sought to regain control of the board and the group.
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