Tan Yee Peng, an independent non-executive director of City Developments Limited (CDL) has resigned from her position effective Dec 30.
The announcement was made on the morning of Jan 4, 2021.
Tan’s resignation comes after non-executive and non-independent director Kwek Leng Peck’s resignation in October 2020 and Koh Thiam Hock, another one of CDL’s independent non-executive director on Dec 28.
See: Another CDL director resigns in relation to Sincere Property investment and Citing disagreements over investment in China, Kwek Leng Peck quits CDL's board
According to the filing released via SGX, Tan’s resignation was in relation to the group’s investment in the Sincere Property Group.
“She disagreed with the board and the management about the handling of the investment after the acquisition,” it says.
Tan was previously appointed to the position in May 2014, and was chairman of the board sustainability committee and a member of each of the audit & risk, nominating and board committees.
CDL has since appointed Lee Jee Cheng Philip as independent non-executive director on Jan 4 to replace her role.
CDL acquired 51.01% joint controlling interest in the Sincere Property Group for an initial investment of RMB 4.39 billion ($0.88 billion) in April 2020.
See also: City Dev to acquire 51.01% joint controlling interest in China’s Sincere Property Group for $0.88 bil and Is CDL oversold following the family disagreements over Sincere and M&C?
Shares in CDL closed flat at $7.97 on Dec 31, 2020.
