Latest news with #CityDevelopmentsLtd
Business Times
15-07-2025
- Business
- Business Times
Philip Yeo to step down from CDL board
[SINGAPORE] City Developments Ltd (CDL) announced the retirement of Philip Yeo, who notably backed executive chairman Kwek Leng Beng's bitter boardroom battle against his son, chief executive officer Sherman Kwek, in early 2025. Having served the board for 16 years since May 2009, Yeo 'has given notice of his retirement as a non-independent non-executive director of CDL', said the property group in a bourse filing on Tuesday (Jul 15). His departure comes three months after CDL's annual general meeting (AGM), when he vocally rallied shareholders against 'bullying' by majority directors. At the AGM, Yeo openly urged shareholders to reject the re-election of four directors, comprising of two new appointees Jennifer Young and Wong Su Yen, and two independents Daniel Desbaillets and Wong Ai Ai. His objections centred on governance lapses, notably that Young and Wong Su Yen's appointments on Feb 7 bypassed the nominating committee – a key point in the elder Kwek's original lawsuit against CEO Sherman Kwek, which erupted on Feb 26. Yeo's critique during the AGM, including his remark that directors should be appointed 'unanimously, not by majority bullying', drew loud applause from attending shareholders, underscoring lingering divisions despite the family's subsequent public truce. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The family feud started to subside after a major turning point on Mar 4, when the property giant announced the 'irrevocable resignation' of Catherine Wu as an unpaid independent adviser to CDL's hotel arm, Millennium & Copthorne Hotels. Wu's long relationship with Kwek Leng Beng had caused the rift within the CDL group. Kwek Leng Beng issued a statement on Mar 12 saying that he would drop the lawsuit against Sherman Kwek, and all the board members had agreed to put aside their differences for the greater good of CDL and its stakeholders. Nonetheless, the majority of the shareholders in the April AGM were in favour of the re-election of Young and Wong Su Yen, the two new independent directors. Resolutions were also passed at the AGM for the re-election of three retiring independent directors – Colin Ong, Desbaillets and Wong Ai Ai. Desbaillets and Wong Ai Ai were on the side that opposed CDL executive chairman Kwek Leng Beng, while Ong and Yeo were elder Kwek's allies. Yeo was the former executive chairman and subsequently executive co-chairman of Economic Development Board between 1986 and 2006. He was also formerly a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. After exiting CDL's board, Yeo will remain on the board of 20 other companies, including IndoFood Agri Resources, QAF and Sunway. Shares of CDL closed on Tuesday down 0.2 per cent or S$0.01 at S$5.57, before the announcement.
Business Times
15-07-2025
- Business
- Business Times
Philip Yeo to step down from CDL board after fiery AGM showdown
[SINGAPORE] City Developments Ltd (CDL) announced the retirement of Philip Yeo, who notably backed executive chairman Kwek Leng Beng's bitter boardroom battle against his son, chief executive officer Sherman Kwek in early 2025. Having served the board for 16 years since May 2009, Yeo 'has given notice of his retirement as a non-independent non-executive director of CDL', said the property group in a bourse filing on Tuesday (Jul 15). His departure comes three months after CDL's annual general meeting (AGM), when he vocally rallied shareholders against 'bullying' by majority directors. At the AGM, Yeo openly urged shareholders to reject the re-election of four directors, comprising of two new appointees Jennifer Young and Wong Su Yen, and two independents Daniel Desbaillets and Wong Ai Ai. His objections centred on governance lapses, notably that Young and Wong Su Yen's appointments on Feb 7 bypassed the nominating committee – a key point in the elder Kwek's original lawsuit against CEO Sherman Kwek, which erupted on Feb 26. Yeo's critique during the AGM, including his remark that directors should be appointed 'unanimously, not by majority bullying', drew loud applause from attending shareholders, underscoring lingering divisions despite the family's subsequent public truce. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The family feud started to subside after a major turning point on Mar 4, when the property giant announced the 'irrevocable resignation' of Catherine Wu as an unpaid independent adviser to CDL's hotel arm, Millennium & Copthorne Hotels. Wu's long relationship with Kwek Leng Beng had caused the rift within the CDL group. Kwek Leng Beng issued a statement on Mar 12 saying that he would drop the lawsuit against Sherman Kwek, and all the board members had agreed to put aside their differences for the greater good of CDL and its stakeholders. Nonetheless, the majority of the shareholders in the April AGM were in favour of the re-election of Young and Wong Su Yen, the two new independent directors. Resolutions were also passed at the AGM for the re-election of three retiring independent directors – Colin Ong, Desbaillets and Wong Ai Ai. Desbaillets and Wong Ai Ai were on the side that opposed CDL executive chairman Kwek Leng Beng, while Ong and Yeo were elder Kwek's allies. Yeo was the former executive chairman and subsequently executive co-chairman of Economic Development Board between 1986 and 2006. He was also formerly a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. After exiting CDL's board, Yeo will remain on the board of 20 other companies, including IndoFood Agri Resources, QAF and Sunway. Shares of CDL closed on Tuesday down 0.2 per cent or S$0.01 at S$5.57, before the announcement.
Bloomberg
15-07-2025
- Business
- Bloomberg
Singapore CDL's Longtime Director to Depart After Boardroom Feud
Longtime City Developments Ltd. director Philip Yeo is leaving the Singapore property giant's board, after a recent feud rocked the billionaire Kwek clan that controls it and caused a rift in its boardroom. Yeo, a former top civil servant who has been on CDL's board for 16 years, has given notice of his retirement and his last day will be July 31, according to a stock-exchange filing on Tuesday.
BusinessToday
13-07-2025
- Business
- BusinessToday
SGX Review: STI Hits Record High Amid Global Optimism And Property Rally
Singapore's benchmark Straits Times Index (STI) extended its winning streak for the week ended July 11, closing at a new all-time high of 4,087.81 amid strong global cues, resilient economic data and bullish momentum in property and tech-related counters. The STI surged past the 4,100 mark during intraday trading on July 11, peaking at 4,102.97 before paring gains slightly by the close. For the week, the index advanced steadily, supported by optimism over easing trade tensions, favourable interest rate dynamics and encouraging signals from the US labour market. Property developers and real estate investment trusts (REITs) led gains as falling Singapore government bond yields improved the relative appeal of income-generating assets. City Developments Ltd rallied toward S$5.40, while UOL Group approached its 52-week high of S$6.50, buoyed by strong demand and favourable valuations. However, the recent implementation of new Seller's Stamp Duty rules effective July 4 added a layer of caution to the property sector. The revised regulations extended holding periods and raised stamp duty rates, prompting selective re-pricing in residential property stocks. Technology and financial stocks also contributed to the STI's gains. Market participants noted increased institutional interest in tech-enabled growth counters, helped by improving earnings prospects and a softening in global interest rate expectations. The week's bullish tone was underpinned by robust US economic data, including a stronger-than-expected jobs report and signs of progress in global trade negotiations, particularly with Vietnam and the European Union. These developments reduced fears of escalating protectionism, further supporting investor appetite for risk assets. With the STI up around 6% year-to-date, analysts remain cautiously optimistic. Looking ahead, investors will be closely watching upcoming US inflation data, Federal Reserve meeting minutes and corporate results from SGX-listed companies for further direction. Related
The Star
05-06-2025
- Business
- The Star
Trading ideas: IOI Properties, Affin, Nestcon, Grean Ocean, I-Bhd, Sime Property, Bintai Kinden, TMK, HE
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. IOI Properties Group Bhd is acquiring the remaining 50.1% stake in Singapore's South Beach development from City Developments Ltd for RM2.75bn (SGD834.2mn), gaining full ownership of the mixed-use asset. Affin Bank Bhd has raised USD300mn (RM1.3bn) through its first US dollar bond issuance under a USD2bn Euro Medium Term Note programme. The notes carry a 5.112% annual fixed rate and will be listed on the Singapore Exchange. Construction company Nestcon Bhd said its diversification into property development will take longer and plans will be revised. Green Ocean Corp Bhd plans to reallocate RM20.2mn from its rights issue funds, originally intended for its glove business, to support the expansion of its food and beverage segment, citing ongoing challenges in the glove industry such as falling prices and low utilisation. I-Bhd has committed RM10.0mn to implement artificial intelligence and robotics infrastructure across its income-generating assets in i-City, with full rollout targeted by 2028. Sime Darby Property Bhd has raised the minimum living wage for employees in the B40 income group by 80%, from RM1,500 to RM2,700 a month, as part of its commitment to employee well-being and inclusive growth. Bintai Kinden Corporation Bhd has seen its independent non-executive chairman, Datuk Ng Choon Koon, become a substantial shareholder again after acquiring shares on the open market and raising his stake to 6.62%. TMK Chemical Bhd announced that a major supplier will terminate its alkali distribution agreement in Vietnam effective Dec 31, 2025. HE Group Bhd ,which made its debut on Bursa's ACE Market just over a year ago, is planning to transfer to the Main Market.
