The High Court directed the two sides of the city to take no action against their subsidiaries, Singapura Developments and Millennium & Copthorne Hotels (M&C), until the interim injunction application is resolved, so as not to affect their respective positions in the interim injunction.

Urban Development (CDL) issued a statement on Monday (March 3) before opening, providing progress on legal action.

The hearing of the temporary injunction application was held on February 26, and Urban Development did not participate in the hearing as a temporary injunction applicant because there was a dispute over the validity of the board resolution of the authorized company as the applicant for the temporary injunction.

The statement also recounted the progress of the events in the past few days.

Urban Development resumed trading on Monday, and its stock price once fell to its lowest point since 2009 and rebounded, reaching 4.98 yuan in midday trading, down 2.73%.

Further reading

Urban Development Board of Directors drags down the stock price of affiliated company Honglong Asia falls by more than 10%

Urban Development Board of Directors drags down the stock price of affiliated company Honglong Asia falls by more than 10%

Urban development fell 7% in the early trading to 4.76 yuan, the lowest level since 2009

Urban development fell 7% in the early trading to 4.76 yuan, the lowest level since 2009