Continued infighting
CDL’s boardroom troubles persist after last month’s shock announcement. Kwek Leng Beng, CDL’s executive chairman, sought an injunction in the High Court on 25 February to prevent two new directors, Jennifer Duong Young and Wong Su-Yen, from exercising their powers. He is also seeking to overturn the directors’ resolution to terminate the advisory agreement of long-term advisor Dr Catherine Wu with a unit of CDL, Millennium & Copthorne Hotels (M&C). The dispute has split the board into two camps, with the plaintiffs being...City Developments Limited (SGX: C09), or CDL, used to be Singapore’s largest listed developer.
However, a boardroom tussle which broke out in late February caused shares of CDL to plunge to a 16-year low of S$4.76.
With this decline, UOL Group (SGX: U14) has now overtaken CDL as Singapore’s largest listed developer.
Can CDL retake its crown as Singapore’s largest developer? What will it take for the property giant to regain its former glory?
