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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 announcements on 3 March 2021 and 30 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 30 March 2021 whereby the Company, as the plaintiff, had announced the filing of 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, the Company wishes to further inform that the Company had subsequently received an application by Ahmad Zaki Resources Berhad (“AZRB”) to strike out the Company’s counterclaim against AZRB.
The Company wishes to announce that on 22 October 2021, the High Court judge had allowed AZRB’s application to strike out the Company’s counterclaim against AZRB on the basis that the bridge across the Kuantan River, connecting Bandar Kuantan to Bandar Putra, Tanjung Lumpur (“Bridge”) was completed and the Company’s counterclaim is not sustainable.
The Company has been advised by its legal counsel and will be appealing against the decision of the High Court judge as the Bridge was not completed on or before the expiry of the condition precedent period of the Tenancy Agreement dated 24 August 2017 and Commercial Agreement dated 24 August 2017. The Company and AZRB will exchange and file such cause papers and written submission according to the directions of the court. The Company will make a further announcement when the decision of the appeal is 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 22 October 2021. |
Company Name | AEON CO. (M) BHD |
Stock Name | AEON |
Date Announced | 22 Oct 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-22102021-00069 |