City Developments Limited (CDL) has announced the discontinuation of legal action concerning Board resolutions made since 7 February 2025. Executive Chairman Kwek Leng Beng confirmed the decision, stating that he will continue in his role, alongside Group Chief Executive Officer Sherman Kwek. All current directors, including Jennifer Duong Young and Su Yen Wong, will remain on the Board.
The Board members have collectively agreed to set aside their differences for the benefit of CDL and its stakeholders. This resolution aims to refocus efforts on strengthening the company’s business operations and adhering to good corporate governance practices. Key initiatives include completing significant developments in Singapore and globally, expanding the Millennium & Copthorne brands, and continuing the capital recycling initiative.
Kwek Leng Beng emphasised the Board’s commitment to maximising shareholder value, stating, “We will all continue to focus on strengthening CDL’s business, in accordance with good corporate governance, now and in the future.” This move is expected to stabilise the company’s leadership and reinforce its strategic objectives.
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