The group has inked a memorandum of understanding (MOU) with the building owner KIP Real Estate Investment Trust (KL:KIPREIT) for the refurbishment that is expected to boost the property's value, rental income and customer experience (March 5): AEON Co (M) Bhd (KL:AEON) announced on Wednesday that its Aeon Mall Kinta City in Perak will be expanded and upgraded in a bid to enhance its retail offerings.
In an amended bourse filing on Friday, the property developer said the highest aggregated percentage ratio applicable to transactions with Sunway REIT in the past 12 months stood at 30.
The property is 100% leased to supermarket chain operator AEON Co (M) Bhd (KL:AEON), whose lease will last another 13 years until Dec 3, 2037.
In a filing with Bursa Malaysia, the general merchandise store and supermarket chain operator said the conditional stay was approved on Tuesday (Jan 7) for Aeon to deposit the judgment sum of RM18.
The dispute stemmed from a legal suit filed by Betanaz against Aeon in 2021 for breaching the agreement entered into on Aug 24, 2017 for the lease of a plot in Kuantan to build and operate a commercial shopping complex.
According to a bourse filing by AZRB, the court, in delivering its decision on Monday (Dec 16), found that Aeon "wrongfully terminated" Betanaz's tenancy agreement and ordered the department store and mall operator to pay RM18.
According to AEON’s filing with Bursa Malaysia, the proposed acquisition is in line with its corporate strategy to develop its future retail business and provides the group with the opportunity to expand in Seremban.
Comprising four storeys, AEON Mall Mean Chey has a total gross floor area of about 298,000 square metres with approximately 250 retail lots.
Net profit for the three months ended Dec 31, 2023 (4QFY2023) was RM32.
Despite profit rising to RM13.
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