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5061-5080 of 5622
family feud,
this could just be the tip of the iceberg of more to come.
this could just be the tip of the iceberg of more to come.
look like board conflict...dont seem like good news but shouldnt move the share price much unless he is seasoned veteran and pillar of CDL
Resignation of Mr Kwek Leng Peck as a Non-Executive and Non-Independent Director of the Company
The Board of Directors of City Developments Limited (the &ldquo Company&rdquo or &ldquo CDL&rdquo ) wishes to announce that regrettably Mr Kwek Leng Peck has given notice of his resignation as a NonExecutive and Non-Independent Director of the Company with effect from 19 October 2020.
Based on his letter of resignation, Mr Kwek&rsquo s primary reasons for his resignation are (i) that there are disagreements with the Board and management in relation to the Group&rsquo s investment in Sincere Property Group (&ldquo Sincere&rdquo ) as well as its continuing provision of financial support to Sincere and (ii) his reservations with the Group&rsquo s approach in the management of Millennium & Copthorne Hotels Limited (&ldquo M& C&rdquo ).
The Group&rsquo s total investment in Sincere includes a 51% joint venture equity investment in Sincere of RMB 4.4 billion, US$230 million subscription of bonds issued by Sincere and a working capital loan of RMB 650 million. In addition, the Group also provided a liquidity support undertaking totalling RMB 1.5 billion relating to the bonds issued by Sincere that are maturing on 26 October 2020 and a RMB 1.5 billion corporate guarantee in relation to an external bank loan obtained by Sincere. The total of these investments is $1.9 billion.
The Board of Directors of City Developments Limited (the &ldquo Company&rdquo or &ldquo CDL&rdquo ) wishes to announce that regrettably Mr Kwek Leng Peck has given notice of his resignation as a NonExecutive and Non-Independent Director of the Company with effect from 19 October 2020.
Based on his letter of resignation, Mr Kwek&rsquo s primary reasons for his resignation are (i) that there are disagreements with the Board and management in relation to the Group&rsquo s investment in Sincere Property Group (&ldquo Sincere&rdquo ) as well as its continuing provision of financial support to Sincere and (ii) his reservations with the Group&rsquo s approach in the management of Millennium & Copthorne Hotels Limited (&ldquo M& C&rdquo ).
The Group&rsquo s total investment in Sincere includes a 51% joint venture equity investment in Sincere of RMB 4.4 billion, US$230 million subscription of bonds issued by Sincere and a working capital loan of RMB 650 million. In addition, the Group also provided a liquidity support undertaking totalling RMB 1.5 billion relating to the bonds issued by Sincere that are maturing on 26 October 2020 and a RMB 1.5 billion corporate guarantee in relation to an external bank loan obtained by Sincere. The total of these investments is $1.9 billion.
CDL Hospitality Trusts has on 21 October 2020, released the announcement on the Divestment of Novotel Brisbane.
Astafiz1 ( Date: 21-Oct-2020 13:01) Posted:
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Very sad, don?t know what will happen
Companies & Markets
IReit Global raises S$142.8m in rights issue
Fiona Lam , IReit Global raises S$142.8m in rights issue
507 words
21 October 2020
Business Times Singapore
STBT
English
(c) 2020 Singapore Press Holdings Limited
Singapore
IREIT Global has raised S$142.8 million in a rights issue to finance the acquisition of a 60 per cent interest in some properties in Spain and to repay a loan from City Developments (CDL).
The renounceable, non-underwritten rights issue was done on the basis of 454 units for every 1,000 units held, at an issue price of S$0.49 apiece.
Excluding excess applications from CDL and AT Investments, which had intended to take up excess rights units, IReit received acceptances and applications for 403.4 million rights units. This was 138.4 per cent of the rights units available.
AT Investments as well as IReit' s joint sponsors Tikehau Capital and CDL will take up their total provisional allotments corresponding to their direct interests in the trust.
Tikehau and CDL jointly own IReit' s manager. As at Sept 18, Tikehau had a direct interest of 29.3 per cent in IReit, CDL owned 21 per cent and AT Investments held 5.5 per cent.
Part of the proceeds will be used to acquire, from Tikehau, the remaining 60 per cent stake it does not yet own in four freehold multi-tenanted office buildings located in Madrid and Barcelona.
The purchase price is estimated at 47.8 million euros (S$77 million), IReit' s manager had said in its Sept 18 filing. This was derived from the consolidated net asset value of the joint venture that holds the Spain properties and adjusted based on the properties' agreed market value.
IReit will also use the rights issue proceeds to repay a CDL loan linked to the Spain assets. A CDL subsidiary had extended a 32 million euro loan to IReit to fund the latter' s purchase of its 40 per cent interest back in December 2019.
IReit' s manager had said last month that it planned to use S$77.8 million for the acquisition and related expenses, and S$51.5 million to repay the CDL loan.
With the rights issue, IReit' s aggregate leverage has fallen to 35 per cent from 39 per cent.
Louis d' Estienne d' Orves, chief executive of IReit' s manager, said this would allow IReit to " secure new opportunities with attractive debt terms" .
The issue price of S$0.49 represented a discount of 32.9 per cent to the closing price of S$0.73 on the Singapore bourse on Sept 18, and a 25.2 per cent discount to the theoretical ex-rights price of S$0.655.
The rights units are expected to be listed and quoted on the mainboard of the Singapore exchange on Oct 23 at 9am.
Aside from the four Spanish assets, IReit' s portfolio includes five freehold office properties in Germany.
IReit units closed flat at S$0.61 on Tuesday. CDL fell S$0.11 or 1.4 per cent to finish at S$7.63.
Astafiz1 ( Date: 21-Oct-2020 11:37) Posted:
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like perrenial, partner with a china fund, 7 bil sup sup sui, one mouthful only.
St.Maximus ( Date: 21-Oct-2020 09:38) Posted:
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Very sad don?t know what happened!
Wah what happen? big boss want to " G.O." rescue all of us?
I bought Citydev share yesterday, any news why suddenly suspended when can sale?
My view on this is very unlikely . Will hv very bad response , and certainly bad for CDL
DYODD
DYODD
john_ric ( Date: 21-Oct-2020 10:10) Posted:
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Shares quite weak past few days.
Right issue?
Jusr a guess....maybe splitting up ....Property and Hotel into 2 companies.
Dyodd
Dyodd
Unlikely. Who has that much money to buy over the shares? CDL 7 billion market cap you know... ...
weekaykee ( Date: 21-Oct-2020 09:34) Posted:
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Privatizing?
St.Maximus ( Date: 21-Oct-2020 09:33) Posted:
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No worries. Just pending announcements... should be out soon. Look out!
alwayshopeful ( Date: 21-Oct-2020 09:05) Posted:
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Why suspended today?
St.Maximus ( Date: 20-Oct-2020 23:49) Posted:
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Steadily growing property developer City Development Ltd. has hotel business together with property development. Fairly priced with decent yield for property stock. Any takers?
https://www.forbes.com/profile/kwek-quek/#d4fe83e4bca2