CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 100 101 The directors are pleased to present their statement to the members of City Developments Limited (the “Company”) together with the audited consolidated financial statements of the Company and its subsidiaries (the “Group”) for the financial year ended 31 December 2021. In our opinion: (a) the financial statements set out on pages 110 to 269 are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2021 and the financial performance, changes in equity and cash flows of the Group for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”), Singapore Financial Reporting Standards (International) and International Financial Reporting Standards; and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. DIRECTORS The directors in office at the date of this statement are as follows: Kwek Leng Beng (Executive Chairman) Sherman Kwek Eik Tse (Executive Director) Lee Jee Cheng Philip (Appointed on 4 January 2021) Philip Yeo Liat Kok Ong Lian Jin Colin Daniel Marie Ghislain Desbaillets Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) Tang Ai Ai Mrs Wong Ai Ai (Appointed on 1 January 2022) DIRECTORS’ INTERESTS Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, share options, warrants and/or debentures of the Company, or of related corporations, either at the beginning of the financial year, or date of appointment if later, or at the end of the financial year. The directors of the Company consider Hong Leong Investment Holdings Pte. Ltd. to be the immediate and ultimate holding company of the Company. According to the register of directors’ shareholdings kept by the Company under Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those of their spouses and children below 18 years of age) in shares and/or share options of the Company and in related corporations are as follows: DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021 DIRECTORS’ INTERESTS (CONT’D) Holdings in which the director, his spouse and children below 18 years of age have a direct interest At beginning of the year At end of the year The Company Ordinary Shares Kwek Leng Beng 397,226 397,226 Preference Shares Kwek Leng Beng 144,445 144,445 Immediate and Ultimate Holding Company Hong Leong Investment Holdings Pte. Ltd. Ordinary Shares Kwek Leng Beng 2,320 2,320 Sherman Kwek Eik Tse 1,174 1,174 Subsidiary Corporation Millennium & Copthorne Hotels New Zealand Limited Ordinary Shares Kwek Leng Beng 906,000 906,000 Redeemable Non-voting Preference Shares Kwek Leng Beng 453,000 453,000 Related Corporations Hong Leong Finance Limited Ordinary Shares Kwek Leng Beng 6,618,607 6,667,567 DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021
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