Bursa Announcement

Bursa Announcement

Date : 30 March 2021

MATERIAL LITIGATION AEON CO. (M) BHD. (AEON OR COMPANY) Betanaz Properties Sdn. Bhd. Kuala Lumpur High Court Civil Suit against the Company and the Company counterclaim against Betanaz Properties Sdn. Bhd. and Ahmad Zaki Resources Berhad

AEON CO. (M) BHD

Type Announcement
Subject MATERIAL LITIGATION
Description
AEON CO. (M) BHD. (AEON OR COMPANY)  Betanaz Properties Sdn. Bhd. Kuala Lumpur High Court Civil Suit against the Company and the Company counterclaim against Betanaz Properties Sdn. Bhd. and Ahmad Zaki Resources Berhad

Reference is made to the Company’s announcement on 3 March 2021 pertaining to the legal suit received from Betanaz Properties Sdn. Bhd. [Company No. 201201025590 (1010080-V)] (“the Plaintiff”) in the High Court of Malaya in Kuala Lumpur.

 

In furtherance to the Company’s announcement on 3 March 2021, the Company wishes to announce that the Company has filed the defence against the Plaintiff on 29 March 2021.

 

On the same date, the Company, as the plaintiff, has also filed a counterclaim against Betanaz Properties Sdn. Bhd. as the first defendant, and Ahmad Zaki Resources Berhad [Company No. 199701017271 (432768-X)] as the second defendant due to the non-fulfillment of the conditions precedent on the part of the defendants prior the expiry of the respective conditional periods and the conditional Tenancy Agreement dated 24 August 2017 and conditional Commercial Agreement dated 24 August 2017 had been rendered void due to the expiry of the conditional period on 23 October 2020 and 23 January 2020 respectively.

 

As such, the Company is claiming, among others, the return or payment of RM2,303,087.00 being the consultation fees incurred for the project from Betanaz Properties Sdn Bhd., the first defendant and the return of RM28,415,094.44 being the contribution towards the construction of the bridge connecting Bandar Kuantan to Bandar Putra, Tanjung Lumpur, Pahang from Ahmad Zaki Resources Berhad, the second defendant

 

The Company has been further advised by its legal counsel that the Company and the two defendants will exchange the necessary pleadings and file such cause papers and written submission according to the directions of the Court. The Company will make a further announcement after the hearing and when the decision of the cases are provided by the Court.

 

At this juncture, the Board is unable to ascertain the financial impact to the Company pending the outcome of the legal suit. The legal suit is not expected to have any operational impact on the Company for the financial year ending 31 December 2021.

This announcement is dated 30 March 2021.






Announcement Info

Company Name AEON CO. (M) BHD
Stock Name AEON
Date Announced 30 Mar 2021
Category General Announcement for PLC
Reference Number GA1-30032021-00057


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