Shares of Singapore's second richest man Kwek Leng Beng’s CDL plunge after strategic review release
Shares of City Developments, controlled by Singapore's second-richest billionaire Kwek Leng Beng, sank on Monday following the release of its strategic review outcome, a year after the high-profile father-son boardroom dispute at the firm.
CDL, Singapore's second richest man Kwek Leng Beng's company, experienced a significant 6.3% drop in its stock price following the release of its strategic review. The property developer had planned to divest S$6 billion (US$4.7 billion) of assets across various sectors, aiming to invest S$5 billion in new ventures. CEO Sherman Kwek announced the GET+ strategy, which focuses on expanding investments in Singapore, China, and Japan while establishing a dedicated fund management business.
Despite initial skepticism, some analysts viewed the plan positively, with Citigroup maintaining its buy rating. However, the stock's decline indicates lingering investor doubts, particularly due to the unresolved boardroom tensions and performance targets not addressed in the review.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
