PETALING JAYA: WCT Holdings Bhd and Aeon Co (M) Bhd have reached an amicable out-of-court settlement after an almost one year journey through the courts over Aeon Co’s lease of Aeon Mall Bukit Tinggi.
In a filing with Bursa Malaysia, WCT said its indirect wholly owned subsidiary Gemilang Waras Sdn Bhd and Aeon Co agreed to a supplemental lease agreement to renew the lease period for another six years from Nov 24, 2017, subject to options to renew for a further two terms, comprising six and three years respectively.
The companies agreed to withdraw their respective appeals and cross-appeals upon the execution of the supplemental lease agreement.
Gemilang Waras also agreed to not enforce the High Court Order dated April 27, 2018.
The resolution comes as both parties await the disposal of the Notice of Appeal against the High Court order by Aeon Co.
The case has gone back and forth since November last year, when Aeon Co filed a suit against Gemilang Waras to renew its lease for Aeon Mall Bukit Tinggi, to stop the latter from terminating a lease agreement dated Nov 23, 2007 and evicting the tenants from the mall.
WCT’s share price rose 3.03% or 2.5 sen to close at 85 sen today with 3.41 million shares traded while Aeon’s share price rose 1.24% or 2 sen to close at RM1.64 with 1.16 million shares traded.