Koh Thiam Hock, 70, has resigned as independent non-executive director of City Developments (CDL) effective Dec 28.
His resignation comes two months after Kwek Leng Peck stepped down as non-executive and non-independent director of CDL.
According to a Dec 29 filing, Koh deems his resignation as the “most appropriate” action in view of having shared his “observations, concerns and suggestions” with the board on the company’s investment in China’s Sincere Property Group.
On Oct 19, Kwek had resigned following “disagreements” with the board and management in relation to CDL’s investment and continuing provision of financial support to Sincere Property, among other things.
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CDL had in April acquired a 51.01% joint controlling interest in Sincere Property for an initial investment of RMB 4.39 billion ($880 million).
The deal transformed CDL into the single largest shareholder in Sincere Property, an established real estate developer in China.
It also placed CDL in a good position to deepen its presence in the Middle Kingdom.
Following Koh’s resignation, CDL has appointed Carol Fong as independent non-executive director of the company effect Dec 29.
Fong is currently the group CEO of CGS-CIMB Securities, chairman of the Singapore Exchange Securities Advisory Committee and independent director of Genting Singapore.
As at 10.49 am, CDL was up 4 cents or 0.5% at $8.07 with 488,900 shares changed hands.
