Bursa Announcement

Reference is made to the Company’s announcement on 9th November 2017, 7th December 2017 and 30th April 2018 pertaining to the suit against Gemilang Waras Sdn. Bhd. (496922-H) (“the Defendant”) in the High Court of Malaya in Kuala Lumpur on the renewal of lease for AEON Mall Bukit Tinggi.

The Company wishes to inform that the Company has filed a stay application on 8th May 2018 in accordance with the High Court’s direction. A Notice of Appeal against the High Court’s decision delivered on 27th April 2018 was subsequently filed on 15th May 2018. The hearing for the stay application was fixed on 4th July 2018.

At the hearing for the stay application, the Company and the Defendant (“Parties”) have entered into a consent order on 4th July 2018 pending the disposal of the appeal in the Court of Appeal. The Company has on 24th July 2018 received the sealed consent order (“the Consent Order”) through its solicitors. The Consent Order provides as follows:-

1. That the Order dated 27th April 2018 made pursuant to the High Court’s decision be stayed until the disposal of the Company’s Notice of Appeal;
2. That the Company is to pay the sum of RM2,419,295.45 (being equivalent to the current monthly rental sum) to the Defendant by the 14th day of each month until the disposal of the Notice of Appeal or until November 2019, whichever is earlier;
3. That subject to the above payment, the Company shall remain in possession of AEON Mall Bukit Tinggi until the disposal of the Notice of Appeal;
4. That the Company is to pay into a trust account the costs and expenses incurred by the Defendant for the maintenance, repair, servicing and upkeep of AEON Mall Bukit Tinggi on the part of the Company in relation to the Lease Agreement dated 23rd November 2007;
5. That Parties are at liberty to apply to court for such directions as is necessary; and
6. That the Order made is without prejudice to the Company and Defendant’s rights to the main action and counterclaim.

If there is any development on the above suit, further announcement will be made in due course.

This announcement is dated 25th July 2018.