CityDev    Last:8.22    -0.14

CityDev

Do believe being INDEPENDENT at your own peril.

Remember always - he who pays the PIPER calls the TUNE.

Independent Directors?????????????????????????????????????????????????

moonsun      ( Date: 28-Feb-2025 14:23) Posted: This saga open a can of worms.. these directors are independent to protect shareholders interest and yet they seem to take sides against each other to forward either chairman or ceo interest.. independent has a new meaning..

 

This saga open a can of worms.. these directors are independent to protect shareholders interest and yet they seem to take sides against each other to forward either chairman or ceo interest.. independent has a new meaning..

 

unfortunately ......this is in the court now ....case filed .
Also, board meeting is tough as the board is on either father or son side. All the directors are aline to either side. 
This family issue has turned ulgy and are definately affecting City SH ....esp the minority SH>   and all their outstanding projects . 
DYODD

MrBear12      ( Date: 28-Feb-2025 12:31) Posted: I'd advise the board as a Shareholder to suspend trading and hold AGM ASAP to decide who shld remain on the board. Instead of bringing to a court of the land, this case can be settled by shareholders. No need to waste courts time. Has this company forgotten that shareholders are the main players and this group that can mediate in disagreements as independent third parties who have a vested interest in the company. Common, show some common sense, you board of directors. We shareholders voted you on board to represent us! Don't let us down now when it is most critical. Let shareholders have their say!! MrBear12      ( Date: 28-Feb-2025 12:20) Posted: Why were all this unknown to share holders? When things blow up, then we know. Too late! Hold an AGM to get a verdict from Shareholders We shall vote with equity and justice for our own interests

 

Why halt so many days 😫 the court case hearing still far away...should lift trading halt your family affair don't stop the share trading let the market decide hor...

 

Who' s paying the court FEE

MrBear12      ( Date: 28-Feb-2025 12:31) Posted: I'd advise the board as a Shareholder to suspend trading and hold AGM ASAP to decide who shld remain on the board. Instead of bringing to a court of the land, this case can be settled by shareholders. No need to waste courts time. Has this company forgotten that shareholders are the main players and this group that can mediate in disagreements as independent third parties who have a vested interest in the company. Common, show some common sense, you board of directors. We shareholders voted you on board to represent us! Don't let us down now when it is most critical. Let shareholders have their say!! MrBear12      ( Date: 28-Feb-2025 12:20) Posted: Why were all this unknown to share holders? When things blow up, then we know. Too late! Hold an AGM to get a verdict from Shareholders We shall vote with equity and justice for our own interests

 

I'd advise the board as a Shareholder to suspend trading and hold AGM ASAP to decide who shld remain on the board. Instead of bringing to a court of the land, this case can be settled by shareholders. No need to waste courts time. Has this company forgotten that shareholders are the main players and this group that can mediate in disagreements as independent third parties who have a vested interest in the company. Common, show some common sense, you board of directors. We shareholders voted you on board to represent us! Don't let us down now when it is most critical. Let shareholders have their say!!

MrBear12      ( Date: 28-Feb-2025 12:20) Posted: Why were all this unknown to share holders? When things blow up, then we know. Too late! Hold an AGM to get a verdict from Shareholders We shall vote with equity and justice for our own interests. LoudShout      ( Date: 28-Feb-2025 11:15) Posted: It is a let down of the Exchange where this news is being reported in various regional and international news.  Where you have the Nominating Committe, an effective Board, this issue should have been properly addressed.  And the Regulators?    Why bring irrelevant facts into this issue of nominating 2 new board members?  This is a billion dollar counter and been on the exchange for decades not one of those run by the mills S Chips.

 

Why were all this unknown to share holders?

When things blow up, then we know.

Too late!

Hold an AGM to get a verdict from Shareholders

We shall vote with equity and justice for our own interests.

LoudShout      ( Date: 28-Feb-2025 11:15) Posted: It is a let down of the Exchange where this news is being reported in various regional and international news.  Where you have the Nominating Committe, an effective Board, this issue should have been properly addressed.  And the Regulators?    Why bring irrelevant facts into this issue of nominating 2 new board members?  This is a billion dollar counter and been on the exchange for decades not one of those run by the mills S Chips.

 

It is a let down of the Exchange where this news is being reported in various regional and international news.  Where you have the Nominating Committe, an effective Board, this issue should have been properly addressed.  And the Regulators?    Why bring irrelevant facts into this issue of nominating 2 new board members?  This is a billion dollar counter and been on the exchange for decades not one of those run by the mills S Chips.

 

3 days max trading halt

hence monday, 3rd march 2025 halt should be lifted, or else it will be auto suspension

if thats the case, that will  be the first STI component to be suspended

so just hope for the best ok.

 

thats the storyline from the son

yet to hear it from the oldman himself

so dunt pre judge too maturely ya.

tankoksee      ( Date: 28-Feb-2025 11:09) Posted: all over a woman... LoudShout      ( Date: 28-Feb-2025 10:55) Posted: All these articles in the newspapers and social media are irrelevant.  Where is the Board?  What has it done to address the issue and now with the latest alleged rush in nominating 2 new directors?  Where is SGX Reg and what has it done?  The counter is still suspended to the detriments of minority shareholders.    Not to mention the Taskk Force including MAS entrusted to invigorate the bourse.

 

all over a woman...

LoudShout      ( Date: 28-Feb-2025 10:55) Posted: All these articles in the newspapers and social media are irrelevant.  Where is the Board?  What has it done to address the issue and now with the latest alleged rush in nominating 2 new directors?  Where is SGX Reg and what has it done?  The counter is still suspended to the detriments of minority shareholders.    Not to mention the Taskk Force including MAS entrusted to invigorate the bourse.

 

Let those who are independent vote, all others with vested interest in the case abstain. We will have a new board. Power to minority shareholders!

MrBear12      ( Date: 28-Feb-2025 11:03) Posted: Call for agm for shareholders to decide who constitutes the board. Bear will be there

 

Call for agm for shareholders to decide who constitutes the board. Bear will be there

 

All these articles in the newspapers and social media are irrelevant.  Where is the Board?  What has it done to address the issue and now with the latest alleged rush in nominating 2 new directors?  Where is SGX Reg and what has it done?  The counter is still suspended to the detriments of minority shareholders.    Not to mention the Taskk Force including MAS entrusted to invigorate the bourse.

 

Too much loses in China ,,, the father has to protect the shareholders here ,,, In 2020, non-executive director Kwek Leng Peck left City Developments Ltd : C09 0% (CDL), , after more than three decades in the role, citing disagreement with the board and management on the group& rsquo s investment in Chinese firm Sincere Property Group, and reservations over the management of the UK-based hotel arm.

MrBear12      ( Date: 28-Feb-2025 10:44) Posted: Agreed. Be like usa, have a sec LoudShout      ( Date: 28-Feb-2025 10:40) Posted: SGX Reg should act fast on this governance issue.  This is one of the major issues of the bourse.  The task force looking at invigorating the stock market should look at splitting the regulatory arm from SGX.

 

Agreed. Be like usa, have a sec

LoudShout      ( Date: 28-Feb-2025 10:40) Posted: SGX Reg should act fast on this governance issue.  This is one of the major issues of the bourse.  The task force looking at invigorating the stock market should look at splitting the regulatory arm from SGX.

 

SGX Reg should act fast on this governance issue.  This is one of the major issues of the bourse.  The task force looking at invigorating the stock market should look at splitting the regulatory arm from SGX. 

 

Over the last few days......Just YZJ , City and Olam clean up $B from the local market . How are we to be world class IF we dont have enough WORLD class
people to run and safeguild our market ......?  we definately need a major overhaul ....and if more ABC companies come listing ......day of Noble, Liongold etc 
comes again . DYODD

City Developments Limited  (CDL) group chief executive Sherman Kwek and six board directors, called out by CDL executive chairman Kwek Leng Beng for an &ldquo attempted coup&rdquo to take control of the board, have appointed lawyers to represent them in court. On Feb 26, court hearing information showed they had no legal representation, but by Feb 27, the records were updated to reflect their engagement of law firm Lee & Lee. This move escalates the court battle over control of the CDL board. On one side is Mr Kwek Leng Beng, supported by board directors Philip Yeo, Colin Ong and Chong Yoon Chou. He alleges that a faction led by his son Sherman Kwek, alongside directors Philip Lee Jee Cheng, Wong Ai Ai, and others, attempted to consolidate power over the board and CDL.   

 

 

Bear bear has been a long time big supporter of cdl. He may not live to see it recover. So I am ready to hand over my shares to the next generation. I hope by that time this storm will have blown over and cdl full value unlocked totally. So thank you all for your support ! Bear bear is going to hibernate

Joelton      ( Date: 28-Feb-2025 10:28) Posted: Kwek family feud sours CDL&rsquo s prospects, but can catalyse value unlocking Share price is deeply undervalued, could father-son tussle lead to restructuring or a merger?   Investors buy into listed groups where families hold major stakes and are active in management, partly because they see families with skin in the game taking the long-term view in growing the business.   However, families are prone to conflict &ndash and discord within billionaire business families makes for especially good drama but can hugely damage a company&rsquo s business prospects.   In 2020, non-executive director Kwek Leng Peck left City Developments Ltd : C09 0% (CDL), which is a member of the benchmark Straits Times Index, after more than three decades in the role, citing disagreement with the board and management on the group&rsquo s investment in Chinese firm Sincere Property Group, and reservations over the management of the UK-based hotel arm.   He is the cousin of CDL&rsquo s executive chairman Kwek Leng Beng, who also heads Hong Leong Investment Holdings (HLIH) and is ranked among Singapore&rsquo s richest by Forbes. HLIH holds a direct and deemed interest of more than 49 per cent in CDL.    On Feb 26, bombshell news emerged that Kwek Leng Beng had filed court papers to deal with the &ldquo attempted coup&rdquo by Sherman Kwek, Philip Lee Jee Cheng, Wong Ai Ai and directors acting with them to allegedly consolidate control of the board and the group.   Kwek Leng Beng wants to remove his son Sherman as CDL&rsquo s group chief executive officer, citing the latter&rsquo s circumventing of corporate governance laws.   He also said that since Sherman Kwek became CEO in 2018, there have been serious missteps, including the Sincere Property debacle that led to a S$1.9 billion loss for CDL in 2020, and poor investment decisions in the UK property market.   Kwek Leng Beng wants his nephew &ndash CDL&rsquo s chief operating officer Kwek Eik Sheng &ndash to be interim CEO and a professional CEO to be appointed.    Late on Feb 26, Kwek Leng Beng said CDL&rsquo s new independent directors Jennifer Duong Young and Wong Su Yen, who were &ldquo irregularly and hastily appointed&rdquo on Feb 7, have undertaken not to exercise any powers as directors until further notice of the court.   Sherman issued a statement late on Feb 27 on behalf of the majority of CDL&rsquo s board stating that the primary reason for the dispute with the chairman relates to &ldquo a very serious issue of corporate governance&rdquo within the CDL group arising from the conduct of Dr Catherine Wu, who has a &ldquo long relationship with the chairman&rdquo .   Adverse impact How CDL&rsquo s board may change going forward could depend to a large extent on how HLIH and entities linked to it vote on board appointments.   What is doubtless is that the family feud hurts CDL&rsquo s reputation and business prospects. Decision-making could slow down, thereby affecting ongoing operations, as well as investments, divestments and asset rejuvenations.   Staff morale may be strained and, worse, staff might be caught in the cross hairs of the father-son fight. Will top talent want to join CDL while there is much uncertainty at the highest echelon? Uncertainty can also affect staff retention.   Sure, CDL owns high-quality assets. However, the group cannot afford major distractions.   Competition for choice sites in Singapore is fierce, margins on housing developments here are generally thin, overseas forays need to be carefully judged, and capital must be assiduously managed given global economic uncertainties, and how interest rates may not fall much further. Also, innovation and attention to detail are needed to drive outperformance from investment properties and property development projects.   In short, top management has to focus laser-like on the business, and be at the top of its game for CDL to fight the competition.   CDL&rsquo s share price is poor. As at Feb 25, the counter traded at S$5.12 or a discount of 50 per cent to end-2024 net asset value (NAV) of S$10.17, and 74 per cent to restated NAV of S$19.86 if fair value gains on investment properties and hotels were included.   Damagingly, the board tussle might undermine CDL&rsquo s investor relations efforts, and hold back the board from urgently coming up with concrete plans to optimise shareholder value.   Catalyst Nonetheless, might the father-son feud actually help catalyse value-unlocking moves at CDL?   Resolving the Leng Beng-Sherman tussle could be a precursor to the prevailing party acting quickly with the support of the board and management to wow the stock market with bold value-unlocking moves.   For example, CDL can restructure by splitting the property development business from the investment property and hotel businesses. Also, the group can aggressively inject assets into listed and unlisted funds, and significantly scale up in fund management.   If 84-year-old Kwek Leng Beng is firmly in the driver&rsquo s seat, he can try cementing his long legacy at CDL with a bold restructuring that makes the group a stock-market darling.   Alternatively, the father-son feud may cause unease among other Kwek family members, and potentially lead some of them to seek an exit for their interest in CDL. Could Kwek Leng Beng, possibly working alongside financial partners, offer to privatise CDL at a juicy premium to its trading price?   Maybe shareholding control of CDL will be up for grabs, in which case shareholders including the Kweks might see a third party paying around restated NAV for the group.   Intriguingly, a family solution could come from Kwek Leng Beng&rsquo s cousin, Malaysian tycoon Quek Leng Chan. A friendly merger with GuocoLand : F17 0%, where Quek is chairman and a major shareholder, will create a potent force in the Singapore property scene.       CDL has come far since its founding in 1963 when the group began in a small, rented office in Amber Mansions with eight employees. Its success can be attributed largely to the Kwek family&rsquo s leadership. In 1972, the Hong Leong Group, then helmed by Kwek Leng Beng&rsquo s father Hong Png, acquired a controlling stake in CDL.   Family woes now cast an ugly shadow over CDL, which through the years has built a strong reputation with many homebuyers here and counterparties.   Ultimately, the business today has a strong platform. Shareholders may need to hold their nerve and hope business performance does not take a huge hit from the family feud. In fact, there is a silver lining if the feud catalyses bold value-unlocking moves that boost CDL&rsquo s deeply undervalued stock price.