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tongphlp
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MarketScreener Homepage    >     Equities    >     Singapore Stock Exchange    >     City Developments Limited        C09      SG1R89002252

CITY DEVELOPMENTS LIMITED

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City Developments : CDL appoints special working group to review and improve liquidity for its 51.01% joint venture equity investment in China' s Sincere Property Group

 
01/04/2021 | 03:32am EST
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Press Release  04 January 2021

Singapore, 4 January 2021  - City Developments Limited (CDL) has set up a special working group to improve liquidity and profitability of its 51.01% joint venture (JV) equity investment in Sincere Property Group (Sincere Property 协 信 远 创 ), including review of potential divestments of assets and restructuring of existing liabilities of the China-based real estate group.

The formation of the working group follows the completion of a review by Deloitte & Touche Financial Advisory Services Pte. Ltd. (Deloitte) which was appointed by the CDL Board on 4 November 2020 as its External Financial Advisor to review the Group' s investment in Sincere Property.

As at the date of the review performed by Deloitte, Sincere Property has over 314 legal entities and 71 projects in 18 cities totalling around 8.6 million square metres (sqm). They comprise:
  • hotels and serviced apartments (174,000 sqm)
  • commercial and office buildings (2.7 million sqm)
  • business parks (2.0 million sqm) and
  • residential projects (3.7 million sqm).


In its review, Deloitte had preliminarily allocated the 71 projects into three categories:
  • projects that are profitable and generating positive cash
  • projects that can be divested (subject to the right market conditions) to improve liquidity and
  • projects which need further detailed operation review to identify feasible options to improve profitability and/or liquidity.


The review also identified major bank loans and non-trade liabilities maturing between end 2020 and 2021 which require debt restructuring. Sincere Property has started negotiations with certain major lenders and is awaiting approval.

Following a detailed review of Deloitte' s findings, the CDL Board has decided to engage Deloitte China to assist CDL' s special working group comprising a cross-section of internal expertise across divisions, led by Ms Goh Ann Nee, Chief Transformation Officer in the Executive Chairman' s Office. The special working group will identify and evaluate options to improve Sincere Property' s liquidity.

CDL Executive Chairman Mr Kwek Leng Beng, said, ' The CDL special working group will accelerate efforts by CDL to work closely with Sincere Property to improve its liquidity and profitability while limiting any additional financial exposure to the Group. Notwithstanding the liquidity challenges, Sincere Property remains a platform for future growth in the Chinese market because of its real estate footprint across China.'

Board changes

CDL concurrently announces changes to its Board and board committees following the resignation of Independent Non-Executive Director Ms Tan Yee Peng and the appointment of Mr Lee Jee Cheng Philip as an Independent Non-Executive Director, with effect from 30 December 2020 and 4 January 2021, respectively.

CDL continues to value board diversity that enhances transparency and decision-making and looks forward to contributions and fresh insights from newly appointed directors as it navigates corporate recovery after the challenges faced in 2020.

Refer to the Group' s announcement on SGX-NET for the revised composition of the Board and board committees.


Disclaimer

CDL - City Developments Ltd.  published this content on  04 January 2021  and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on  04 January 2021 08:31:03 UTC
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tongphlp
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04-Jan-2021 16:33     
 
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 Alert Admin 		https://www.businesstimes.com.sg/infographics/10-stocks-to-watch-in-2021

 
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tongphlp
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04-Jan-2021 16:00     
 
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 Alert Admin 		https://www.businesstimes.com.sg/companies-markets/third-cdl-director-resigns-over-sincere-investment
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tongphlp
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04-Jan-2021 15:36     
 
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 Alert Admin 		Looks like this director' s resignation has some impact on the share price too...

Joelton      ( Date: 31-Dec-2020 08:52) Posted:

CDL director steps down over concerns with Sincere investment
Koh Thiam Hock' s resignation comes not long after another director quit abruptly in October
 
ANOTHER director of City Developments Ltd (CDL) has quit citing concerns over the company' s investment in Sincere Property Group.
 
The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late-night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.
 
In its filing, CDL said Mr Koh believed it was " most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group' s investment in Sincere.
 
Mr Koh' s resignation comes not long after former non-executive and non-independent director, Kwek Leng Peck, quit abruptly in October after more than 30 years in the role.
 
At the time, Mr Kwek cited disagreements with the board over CDL' s investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the company' s approach in managing its London-based wholly-owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.
 
With Mr Koh' s exit, CDL has appointed Carol Fong, group chief executive of CGS-CIMB Securities, as its new independent non-executive director with immediate effect as of Dec 29. She was also appointed a member of the remuneration committee on the company' s board.
 
CDL said it looked forward to Ms Fong' s " contribution of skills and diversity" to its board' s current core competencies, in a separate filing with the Singapore Exchange on the same night.
 
Additionally, it announced a change in composition of its board and certain board committees following Mr Koh' s resignation and Ms Fong' s appointment. With effect from Dec 29, Chong Yoon Chou and Colin Ong Lian Jin have been appointed as members of CDL' s audit and risk, and remuneration committees, respectively, while Philip Yeo has stepped down as a member of the remuneration committee. Sherman Kwek Eik Tse has been appointed as member of the board committee.
 
CDL' s recent leadership changes come after the group' s decision to acquire a 51.01 per cent stake in China-based real estate developer Sincere for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere. It says Deloitte has " ascertained that there are good assets that the group can extract further value (from)" .
 
CDL said separately on Wednesday that it obtained a five-year S$470 million green revolving credit facility for refinancing its flagship Republic Plaza commercial property and on-lending to other eligible green projects defined in CDL' s sustainable finance framework.
 
The green revolving credit facility, which starts in January 2021, was provided by a group of lenders comprising Agricultural Bank of China, Credit Industriel et Commercial, DBS, HSBC, MUFG, Maybank and SMBC.
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tongphlp
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04-Jan-2021 11:09     
 
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 Alert Admin 		Good luck to Sherman!

zillion      ( Date: 04-Jan-2021 09:24) Posted:

Chinese saying wealth of family lasts for 3 generations only.
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tongphlp
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04-Jan-2021 09:27     
 
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 Alert Admin 		I think investors do not think the current management is able to lead the company out of the many problems....

zillion      ( Date: 04-Jan-2021 09:24) Posted:

Chinese saying wealth of family lasts for 3 generations only.
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zillion
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04-Jan-2021 09:24     
 
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 Alert Admin 		Chinese saying wealth of family lasts for 3 generations only.
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tongphlp
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04-Jan-2021 09:21     
 
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 Alert Admin 		Selling continues...
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tongphlp
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31-Dec-2020 08:54     
 
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 Alert Admin 		Case for concern :  He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.

Is this the last? Will there be more? Anybody' s guess..

Joelton      ( Date: 31-Dec-2020 08:52) Posted:

CDL director steps down over concerns with Sincere investment
Koh Thiam Hock' s resignation comes not long after another director quit abruptly in October
 
ANOTHER director of City Developments Ltd (CDL) has quit citing concerns over the company' s investment in Sincere Property Group.
 
The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late-night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.
 
In its filing, CDL said Mr Koh believed it was " most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group' s investment in Sincere.
 
Mr Koh' s resignation comes not long after former non-executive and non-independent director, Kwek Leng Peck, quit abruptly in October after more than 30 years in the role.
 
At the time, Mr Kwek cited disagreements with the board over CDL' s investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the company' s approach in managing its London-based wholly-owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.
 
With Mr Koh' s exit, CDL has appointed Carol Fong, group chief executive of CGS-CIMB Securities, as its new independent non-executive director with immediate effect as of Dec 29. She was also appointed a member of the remuneration committee on the company' s board.
 
CDL said it looked forward to Ms Fong' s " contribution of skills and diversity" to its board' s current core competencies, in a separate filing with the Singapore Exchange on the same night.
 
Additionally, it announced a change in composition of its board and certain board committees following Mr Koh' s resignation and Ms Fong' s appointment. With effect from Dec 29, Chong Yoon Chou and Colin Ong Lian Jin have been appointed as members of CDL' s audit and risk, and remuneration committees, respectively, while Philip Yeo has stepped down as a member of the remuneration committee. Sherman Kwek Eik Tse has been appointed as member of the board committee.
 
CDL' s recent leadership changes come after the group' s decision to acquire a 51.01 per cent stake in China-based real estate developer Sincere for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere. It says Deloitte has " ascertained that there are good assets that the group can extract further value (from)" .
 
CDL said separately on Wednesday that it obtained a five-year S$470 million green revolving credit facility for refinancing its flagship Republic Plaza commercial property and on-lending to other eligible green projects defined in CDL' s sustainable finance framework.
 
The green revolving credit facility, which starts in January 2021, was provided by a group of lenders comprising Agricultural Bank of China, Credit Industriel et Commercial, DBS, HSBC, MUFG, Maybank and SMBC.
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Joelton
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31-Dec-2020 08:52     
 
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 Alert Admin
CDL director steps down over concerns with Sincere investment
Koh Thiam Hock' s resignation comes not long after another director quit abruptly in October
 
ANOTHER director of City Developments Ltd (CDL) has quit citing concerns over the company' s investment in Sincere Property Group.
 
The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late-night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.
 
In its filing, CDL said Mr Koh believed it was " most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group' s investment in Sincere.
 
Mr Koh' s resignation comes not long after former non-executive and non-independent director, Kwek Leng Peck, quit abruptly in October after more than 30 years in the role.
 
At the time, Mr Kwek cited disagreements with the board over CDL' s investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the company' s approach in managing its London-based wholly-owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.
 
With Mr Koh' s exit, CDL has appointed Carol Fong, group chief executive of CGS-CIMB Securities, as its new independent non-executive director with immediate effect as of Dec 29. She was also appointed a member of the remuneration committee on the company' s board.
 
CDL said it looked forward to Ms Fong' s " contribution of skills and diversity" to its board' s current core competencies, in a separate filing with the Singapore Exchange on the same night.
 
Additionally, it announced a change in composition of its board and certain board committees following Mr Koh' s resignation and Ms Fong' s appointment. With effect from Dec 29, Chong Yoon Chou and Colin Ong Lian Jin have been appointed as members of CDL' s audit and risk, and remuneration committees, respectively, while Philip Yeo has stepped down as a member of the remuneration committee. Sherman Kwek Eik Tse has been appointed as member of the board committee.
 
CDL' s recent leadership changes come after the group' s decision to acquire a 51.01 per cent stake in China-based real estate developer Sincere for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere. It says Deloitte has " ascertained that there are good assets that the group can extract further value (from)" .
 
CDL said separately on Wednesday that it obtained a five-year S$470 million green revolving credit facility for refinancing its flagship Republic Plaza commercial property and on-lending to other eligible green projects defined in CDL' s sustainable finance framework.
 
The green revolving credit facility, which starts in January 2021, was provided by a group of lenders comprising Agricultural Bank of China, Credit Industriel et Commercial, DBS, HSBC, MUFG, Maybank and SMBC.
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tongphlp
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31-Dec-2020 08:48     
 
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 Alert Admin 		Correction & Update : Hold till VERY old, maybe the price will turn to gold..

tongphlp      ( Date: 29-Dec-2020 09:02) Posted:

Hold tll old, price could turn to gold..
 

alleyboy      ( Date: 28-Dec-2020 12:14) Posted:

U better run. But i will hold
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tongphlp
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31-Dec-2020 08:47     
 
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 Alert Admin 		who complains about having more $$$......not me :)

pasttime      ( Date: 30-Dec-2020 20:34) Posted:

good man, so old already, retire good. use time to play with grand children better,
money already too much. no point to gather more.
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tongphlp
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31-Dec-2020 08:35     
 
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 Alert Admin 		Let' s see if the share price will take a hit on this news....$6?

Starship      ( Date: 30-Dec-2020 18:22) Posted:

CDL director steps down over concerns with Sincere investment
WED, DEC 30, 2020 - 9:20 AM

ANOTHER director of City Developments Limited (CDL) has quit citing concerns over the company' s investment in Sincere Property Group.

The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.

In its filing, CDL said Mr Koh believed it was " most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group' s investment in Sincere.

Mr Koh' s resignation comes not long after former non-executive and non-independent director,  Kwek Leng Peck, quit abruptly in October  after more than 30 years in the role.

At the time, Mr Kwek cited disagreements with the board over CDL' s investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the company' s approach in managing its London-based wholly-owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.

With Mr Koh' s exit, CDL has appointed Carol Fong, group chief executive of CGS-CIMB Securities, as its new independent non-executive director with immediate effect as of Dec 29. She was also appointed a member of the remuneration committee on the company' s board.

CDL said it looked forward to Ms Fong' s " contribution of skills and diversity" to its board' s current core competencies, in a separate filing with the Singapore Exchange on the same night.

Additionally, it announced a change in composition of its board and certain board committees following Mr Koh' s resignation and Ms Fong' s appointment. With effect from Dec 29, Chong Yoon Chou and Colin Ong Lian Jin have been appointed as members of CDL' s audit and risk, and remuneration committees, respectively, while Philip Yeo has stepped down as a member of the remuneration committee. Sherman Kwek Eik Tse has been appointed as member of the board committee.

CDL' s recent leadership changes come after the group' s decision to  acquire a 51.01 per cent stake in China-based real estate developer Sincere  for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere. It says Deloitte has " ascertained that there are  good assets that the group can extract further value  (from)" .

https://www.businesstimes.com.sg/companies-markets/cdl-director-steps-down-over-concerns-with-sincere-investment
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pasttime
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30-Dec-2020 20:34     
 
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Yells: "gold silver are real money. not others iou."
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 Alert Admin 		good man, so old already, retire good. use time to play with grand children better,
money already too much. no point to gather more.
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Starship
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30-Dec-2020 18:22     
 
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 Alert Admin 		CDL director steps down over concerns with Sincere investment
WED, DEC 30, 2020 - 9:20 AM

ANOTHER director of City Developments Limited (CDL) has quit citing concerns over the company' s investment in Sincere Property Group.

The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant' s board.

In its filing, CDL said Mr Koh believed it was " most appropriate for him to now step down as a director" having shared his observations, concerns and suggestions on the group' s investment in Sincere.

Mr Koh' s resignation comes not long after former non-executive and non-independent director,  Kwek Leng Peck, quit abruptly in October  after more than 30 years in the role.

At the time, Mr Kwek cited disagreements with the board over CDL' s investment in Sincere, as well as its continuing provision of financial support to the Chinese property group. He also had reservations with the company' s approach in managing its London-based wholly-owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.

With Mr Koh' s exit, CDL has appointed Carol Fong, group chief executive of CGS-CIMB Securities, as its new independent non-executive director with immediate effect as of Dec 29. She was also appointed a member of the remuneration committee on the company' s board.

CDL said it looked forward to Ms Fong' s " contribution of skills and diversity" to its board' s current core competencies, in a separate filing with the Singapore Exchange on the same night.

Additionally, it announced a change in composition of its board and certain board committees following Mr Koh' s resignation and Ms Fong' s appointment. With effect from Dec 29, Chong Yoon Chou and Colin Ong Lian Jin have been appointed as members of CDL' s audit and risk, and remuneration committees, respectively, while Philip Yeo has stepped down as a member of the remuneration committee. Sherman Kwek Eik Tse has been appointed as member of the board committee.

CDL' s recent leadership changes come after the group' s decision to  acquire a 51.01 per cent stake in China-based real estate developer Sincere  for 4.39 billion yuan (S$891.6 million) in April 2020. The group has since appointed Deloitte & Touche Financial Advisory Services to conduct a review into its investment in Sincere. It says Deloitte has " ascertained that there are  good assets that the group can extract further value  (from)" .

https://www.businesstimes.com.sg/companies-markets/cdl-director-steps-down-over-concerns-with-sincere-investment
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newbie19
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30-Dec-2020 00:01     
 
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 Alert Admin 		Wishing everyone A Happy And Prosperous 2021!
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tongphlp
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29-Dec-2020 09:02     
 
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 Alert Admin 		Hold tll old, price could turn to gold..
 

alleyboy      ( Date: 28-Dec-2020 12:14) Posted:

U better run. But i will hold.

tongphlp      ( Date: 28-Dec-2020 11:54) Posted:

Sell into strength...same pattern...no strength to hold above at this level....
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tongphlp
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28-Dec-2020 14:29     
 
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 Alert Admin 		Run if you are in the $$
Buy if you think the price is right

hokpin      ( Date: 28-Dec-2020 14:13) Posted:

Why you always ask people run? How to buy?

tongphlp      ( Date: 28-Dec-2020 11:54) Posted:

Sell into strength...same pattern...no strength to hold above at this level....
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hokpin
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28-Dec-2020 14:13     
 
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 Alert Admin 		Why you always ask people run? How to buy?

tongphlp      ( Date: 28-Dec-2020 11:54) Posted:

Sell into strength...same pattern...no strength to hold above at this level....
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tongphlp
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28-Dec-2020 13:10     
 
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 Alert Admin 		ok

alleyboy      ( Date: 28-Dec-2020 12:14) Posted:

U better run. But i will hold.

tongphlp      ( Date: 28-Dec-2020 11:54) Posted:

Sell into strength...same pattern...no strength to hold above at this level....
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