Mon, Jul 01, 2019
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The internal conflict within the board of directors at City Developments Limited (CDL) has finally come to a close. In a recent development, executive chairman Kwek Leng Beng has decided to drop all legal actions against a group of directors led by his son, group CEO Sherman Kwek. Despite the tension between the two parties, both Kwek Leng Beng and Sherman, along with two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, have agreed to continue serving on the board.
According to a statement released by Kwek Leng Beng on behalf of the board, all members have decided to put their differences aside for the benefit of CDL and its stakeholders. They have also committed to upholding good corporate governance and focusing on strengthening CDL’s business. This includes completing major developments in Singapore and globally, expanding brands under Millennium & Copthorne, implementing a capital recycling strategy, and ultimately maximizing shareholder value.
It is reported that the conflict within the board was fueled by allegations of poor corporate governance made by former director Dr Catherine Wu. However, in light of recent developments, she has resigned from her position and Kwek Leng Beng has stated that these allegations can no longer be justified.
CDL’s stock has seen a surge in response to the resolution of the boardroom-family saga, reflecting investor confidence in the company’s leadership moving forward. This positive sentiment is also reflected in the strong response to The Residences at W, a project by CDL which has sold 65 units at an average price of $1,780 psf. In addition, CDL has acquired five properties in the UK worth $357 million, highlighting their commitment to expanding their business.
With the boardroom conflict now settled, CDL can focus on its operations and continue to deliver value to its stakeholders. The company remains a key player in the property market, with an impressive portfolio of projects and a strong track record. Investors can look forward to more positive developments from CDL in the future.