Singapore shares end higher as bank counters rise; STI up 0.3%
UOB leads the gainers on the blue-chip index, rising 1.7%
CDL, Singapore's second richest man Kwek Leng Beng's company, experienced a significant 6.3% drop in its stock price following the release of its strategic review. The property developer had planned to divest S$6 billion (US$4.7 billion) of assets across various sectors, aiming to invest S$5 billion in new ventures. CEO Sherman Kwek announced the GET+ strategy, which focuses on expanding investments in Singapore, China, and Japan while establishing a dedicated fund management business.
Despite initial skepticism, some analysts viewed the plan positively, with Citigroup maintaining its buy rating. However, the stock's decline indicates lingering investor doubts, particularly due to the unresolved boardroom tensions and performance targets not addressed in the review.
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