By Amanda Lee
City Developments' shares rose sharply Thursday, after the executive chairman of the Singapore-listed property developer said he would drop his lawsuit against his son and other board members.
Shares were recently 3.85% higher at 5.13 Singapore dollars, equivalent to US$3.85.
In late February, Kwek Leng Beng said that he had filed court papers to deal with what he called an "attempted coup" on the company.
The elder Kwek had said his son--Sherman Kwek--and a group of directors sought to consolidate control of the board and the group by changing the composition of the board and "hastily" making changes to the board committees and the governance of the group.
On the late Wednesday, the elder Kwek said that the legal action relating to the board resolutions would be discontinued.
The elder Kwek, said he will continue his role as executive chairman, while the younger Kwek will remain as group chief executive officer. All current directors will remain on the company's board, he added.
"All the Board members have agreed to put aside their differences for the greater good of CDL and its stakeholders," the elder Kwek said.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 13, 2025 01:13 ET (05:13 GMT)
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