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BlackRock trims stake in CDL, no longer substantial shareholder

The Edge Singapore
The Edge Singapore  • 1 min read
BlackRock trims stake in CDL, no longer substantial shareholder
Photo: Samuel Isaac Chua
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US asset manager BlackRock has on May 31 reduced its stake in City Developments by 277,000 shares, at an average of $5.64 per share.

This brings its stake to just over 44.44 million shares, equivalent to 4.97%, down from 5%, reads a filing after market on June 4.

This means further sale by Blackrock will not be announced via regular filings.

The sale of CDL shares by Blackrock took place on the date it was one of the five Singapore stocks removed from the MSCI Singapore Index.

According to a filing on June 3, Colin Ong Lian Jin, an independent, non-executive director of CDL paid $5.80 to buy 100,000 shares on May 31.

CDL shares closed June 4 at $5.63, up 0.9%.

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