KUALA LUMPUR (Dec 11): The Court of Appeal has upheld the High Court’s decision that the termination of the lease agreement for an AEON BiG store in Alor Setar was lawful.
AEON BiG (M) Sdn Bhd, in a statement today, said the appeals court dismissed landlord Mega Continental Sdn Bhd’s appeal against the November 2019 judgment of the High Court in Penang.
Mega Continental, a unit of Penang-based Belleview Group, had sued AEON BiG for RM142 million for allegedly failing to perform its obligation under the lease agreement after it vacated the store ahead of the expiry of the lease.
AEON BiG said the High Court judgment had confirmed that the lease was a monthly tenancy as the Kedah State authority had not granted its consent as required under the National Land Code.
"We are grateful and humbled by the news, and we believe all of this will give us the strength, motivation and resilience to do even better for the coming years,” said AEON BiG CEO Shafie Shamsuddin.
“The fight is no longer about the pandemic, but within ourselves in making choices to move forward. We would like to thank all of our customers, tenants, suppliers and all of AEON stakeholders for continuing to be loyal and believing in us.
"The new retail trends require us to be more agile and resilient especially in balancing our head, heart and hands,” he added.
Japan’s AEON Co Ltd owns 51% of Bursa-listed AEON Co (M) Bhd and 95.49% of AEON BiG. The remaining 4.51% in AEON BiG is held by AEON South East Asia Sdn Bhd.
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