CDL’s Kwek Clan To Invest US$3.9 Billion In Singapore, China, Japan

CDL’s Kwek clan is looking to invest US$3.9 billion in Singapore, China and Japan, as the company seeks to raise confidence following investor scrutiny over its future, outlook and succession plans.

Asset sales and fund management plans

The firm also aims to sell S$6 billion of assets within the same period, either through outright divestments or by seeding suitable assets into managed vehicles, according to an exchange filing on Monday.

It wants to establish a dedicated fund management entity with an investment committee and leadership team, with the goal of doubling assets under management to S$10 billion by 2029.

That expansion is expected to come through new real estate investment trusts, funds, partnerships and joint ventures.

Investor focus after Kwek family dispute

The company’s future has been a subject of intense discussion after a legal tussle between patriarch Kwek Leng Beng and his eldest son Sherman.

Investors have also closely discussed the company’s outlook and succession plans after the dispute between chairman and patriarch Kwek Leng Beng and his eldest son, Chief Executive Officer Sherman Kwek, early last year.

The duo later agreed to settle their differences.

Source: South China Morning Post