CityDev (C09.SI), also known as City Developments Limited (CDL), saw its stock soar by 3.06% during Thursday's trading session. This significant uptick comes on the heels of the company's 62nd annual general meeting (AGM) held on April 23, which unexpectedly turned into a platform for airing internal conflicts within the board.

The AGM, attended by approximately 450 shareholders, revealed lingering tensions among board members despite previous attempts to present a united front. Non-executive director Philip Yeo openly criticized the appointment process of two new directors, Jennifer Duong Young and Wong Su-Yen, claiming they were "hurriedly appointed" without unanimous board approval. The meeting also highlighted ongoing disagreements between executive chairman Kwek Leng Beng and his son, CEO Sherman Kwek, following a recent family feud that became public in February.

Despite the apparent discord, investors seem to be responding positively to the transparency and potential for change within the company. Sherman Kwek acknowledged CDL's challenges, including a 37% drop in 2024 profit to S$201.3 million, and pledged to improve performance. He announced plans to exceed the previous year's divestments of S$600 million in 2025 and explore listing CDL's UK assets under a real estate investment trust when market conditions permit. These forward-looking statements, combined with the reappointment of all five independent directors up for re-election, may have bolstered investor confidence in the company's future direction and governance.