Complete Property Market Updates of Singapore

July 3, 2008

Kwek Leng Beng’s son to leave Thakral

Filed under: Developer News,General — Propertymarketupdates @ 3:03 am

THE son of property tycoon and City Developments executive chairman Kwek Leng Beng has quit as chief operating officer of Thakral Corporation.

Mr Sherman Kwek, 32, who was appointed in June 2006, ran the day-to-day operations of the property firm and set its strategic direction.

It was announced yesterday that he would be resigning ‘to pursue other business interests’. His last day will be on Sept 1.

Thakral is a unit of listed Hong Leong Asia, itself a company in the Hong Leong stable. Hong Leong Asia triggered a mandatory general offer for Thakral after it converted its bonds into shares.

Mr Kwek’s departure raised speculation that he could be taking a more high-profile role at some of the larger Hong Leong companies, such as City Developments, Singapore’s No. 2 property developer.

It is also possible, however, that he is planning to spend more time on the business of listed HL Global Enterprises, the former LKN-Primefield, where he is already a director.

HL Global operates hotels and also has property interests in Singapore, Malaysia and China. Its market capitalisation is about $150 million.

Mr Kwek could be tasked with growing this company to be a key part of the Hong Leong Group.

Source : Straits Times – 4 Jun 2008


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