The Straits Times
CDL said that Lim Yin Nee Jenny resigned as an independent non-executive director on Monday.PHOTO: CDL
Lee Meixian
https://str.sg/JtSk
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Jenny Lim Yin Nee is one of five directors to leave CDL’s nine-person board since October
A fourth director has resigned from the board of City Developments Ltd (CDL) after the troubled Singapore development titan reported a loss attributable to shareholders of S$1.9 billion ($1.4 billion) in 2020.
Jenny Lim Yin Nee ended her role as CDL’s lead independent director as of 3 May, with the non-executive board member following three other director resignations and one retirement in the wake of the company’s cash-devouring investment in mainland developer Sincere Property Group last year.
In a statement, CDL said: “Having fulfilled the responsibilities in her various roles during her tenure as an Independent Non-Executive Director, Ms Lim is of the view that it is appropriate for her to step down in the light of contributions from the Board’s new Independent Directors.”
The Straits Times
CDL said the write-down distorted the group s second-half and full-year results for fiscal 2020.PHOTO: CDL
Vivienne Tay
PublishedFeb 26, 2021, 9:38 am SGT
https://str.sg/JVTp
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A rendering of the Shenzhen Tusincere Tech Park on Longgang district
Singapore-listed City Developments Ltd on Monday said it had agreed to acquire an effective 55 percent stake in a Shenzhen technology park in a bid to shore up the liquidity of CDL’s joint venture with Chinese developer Sincere Property Group.
Under the terms of the deal, CDL has acquired a combined 84.6 percent interest from three separate shareholders Sincere itself and two entities controlled by mainland insurer Ping An in a holding firm, Shenzhen Tusincere Technology Park Development, for RMB 850 million ($131.5 million).
The holding firm in turn controls a 65 percent interest in Shenzhen Tusincere Technology Park, with a local state-owned enterprise owning the remaining 35 percent of the project, which has been independently valued at RMB 8.8 billion.