The highly-publicized boardroom battle between City Developments and a group of board directors, led by Kwek Leng Beng’s son and group CEO, Sherman Kwek, has finally come to a close. Kwek Leng Beng has decided to drop all legal actions against the opposing faction, and the four of them, including the two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will continue to serve on the board.
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In a statement released by Kwek Leng Beng, he stated that all the board members have reached a consensus to put aside their differences and focus on the greater good of CDL and its stakeholders. He also emphasized the importance of adhering to good corporate governance and maximizing shareholder value.
The company will shift its focus towards strengthening its business, completing ongoing developments in Singapore and globally, expanding its brands under Millennium & Copthorne, and continuing its capital recycling initiatives. Recently, CDL has also acquired five assets in the UK for $357 million, further diversifying its portfolio.
The Residences at W, a luxury residential development under CDL, has also received a strong response, with 65 units sold at an average price of $1,780 per square foot. The company has also put up 11 strata shops at The Venue Shoppes for sale, with a total price tag of $40.77 million.
With the boardroom feud now behind them, CDL can move forward with its plans to enhance shareholder value and continue its growth trajectory.