OTHERS AEON CO. (M) BHD. ("AEON" OR "COMPANY") Kuala Lumpur High Court and Court of Appeal Civil Suit against Gemilang Waras Sdn. Bhd.
|AEON CO. (M) BHD|
AEON CO. (M) BHD. ("AEON" OR "COMPANY") Kuala Lumpur High Court and Court of Appeal Civil Suit against Gemilang Waras Sdn. Bhd.
References are made to the Company’s announcements on 9 November 2017, 7 December 2017, 30 April 2018 and 25 July 2018 pertaining to the suit against Gemilang Waras Sdn. Bhd. (496922-H) (“the Respondent”) in the High Court of Malaya in Kuala Lumpur and the appeal in the Court of Appeal (Civil Appeal) on the renewal of lease for AEON Mall Bukit Tinggi (“the Suit”).
The Board of Directors of the Company wishes to inform that the Company and the Respondent have reached an amicable settlement and entered into a Supplemental Lease Agreement dated 17 October 2018 which provides, among others, for the renewal of the lease for AEON Mall Bukit Tinggi for a term of 6 years commencing from 24 November 2017 until 23 November 2023 and the Company has the option to further renew the lease for a term of 6 years followed by a term of 3 years respectively.
In view thereof, the Company and the Respondent have jointly proceeded to withdraw the appeal and cross appeal [Civil Appeal No. W-02(NCC)(A)-1063-05/2018] before the Court of Appeal on 17 October 2018 and the Respondent has agreed and undertaken not to enforce the High Court Order dated 27 April 2018.
The settlement of the Suit is not expected to have any material financial or operational impact on the Company for the financial year ending 31 December 2018.
This announcement is dated 17 October 2018.
|Company Name||AEON CO. (M) BHD|
|Date Announced||17 Oct 2018|
|Category||General Announcement for PLC|