City Developments Limited (C09) has announced an off-market equal access offer to repurchase up to 24,120,733 non-redeemable convertible non-cumulative preference shares, representing approximately 10% of the class. The move follows the share purchase mandate approved at the company’s annual general meeting on Apr, 29 2026.

Each preference share will be acquired at 0.78 Singapore dollars in cash. Eligible holders may tender 10% of their registered or credited holdings as at the record date, with the option to submit additional shares that will be accepted on a pro-rata basis if overall acceptances exceed the maximum buyback amount.

The offer period starts on May, 22 2026 and will remain open for 12 calendar days. Entitlements will be determined at 5:30 p.m. on Jun, 03 2026, and settlement is slated for Jun, 11 2026.

All repurchased preference shares will be cancelled. City Developments said the programme allows it to manage its capital structure and provides shareholders with an exit option for a thinly traded security.