After a long and tumultuous boardroom-family saga, the situation at City Developments appears to have finally reached a resolution. In a statement released by executive chairman Kwek Leng Beng, it was announced that legal actions initiated by him against a faction of board directors, led by his son and group CEO Sherman Kwek, will be discontinued. The company’s newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will also remain on the board. This move signifies a united front and a commitment to working together for the benefit of CDL and its stakeholders.
According to Kwek, all board members have agreed to set aside their differences and focus on the betterment of the company. This includes strengthening CDL’s business operations, adhering to good corporate governance practices, and maximizing shareholder value. This will involve completing ongoing landmark developments in Singapore and globally, expanding the company’s brands under Millennium & Copthorne, and continuing its capital recycling initiative. The company will also prioritize creating value for its shareholders.
The statement follows the resignation of former director Dr Catherine Wu and allegations made by Sherman Kwek against the CDL CEO, who he claimed could no longer justify a board coup and make credible accusations about corporate governance. With these issues now resolved, CDL can move forward with a renewed focus and determination to achieve its goals.
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In related news, CDL has recently offered a portfolio of 11 strata shops at The Venue Shoppes for $40.77 million and sold 65 units at The Residences at W at an average price of $1,780 per square foot. The company has also acquired five student accommodation assets in the UK for $357 million. These developments signify CDL’s continued expansion and commitment to its business ventures.