Fri, Jul 31, 2020
The highly-publicized boardroom-family feud at City Developments appeared to have reached its conclusion, as executive chairman Kwek Leng Beng has decided to drop the legal actions he had taken against a group of directors, headed by his son and group CEO Sherman Kwek. The board now consists of four members, including the duo, as well as newly appointed independent directors Jennifer Duong Young and Su Yen Wong.
In a statement released by Kwek Leng Beng on behalf of the board, it was revealed that all members have agreed to put their differences aside for the sake of CDL and its stakeholders. They will now refocus on strengthening the company’s business, while upholding good corporate governance.
This includes completing ongoing landmark developments in Singapore and globally, expanding various brands under Millennium & Copthorne, continuing the capital recycling initiative, and ultimately maximizing shareholder value. The move comes after Dr Catherine Wu’s resignation and Kwek Leng Beng’s assertion that the board coup orchestrated by CDL’s CEO could no longer be justified.
The company has also recently acquired five student accommodation assets in the UK and offered 11 strata shops at The Venue Shoppes for a total of $40.77 million. The Residences at W also saw a successful launch, with 65 units sold at an average price of $1,780 per square foot.
Overall, the new developments and efforts by CDL indicate a positive outlook for the company, as it moves forward with a renewed focus on growth and shareholder value.