Aeon's suit against WCT unit dismissed

PETALING JAYA: The Kuala Lumpur High Court has dismissed Aeon Co (M) Bhd's suit against WCT Holdings Bhd's unit Gemilang Waras Sdn Bhd to renew its lease for Aeon Mall Bukit Tinggi.
The High Court ruled that the lease was not renewed and already expired on Nov 23, 2017, hence Aeon is required to vacate the premises and pay RM10,000 as costs to Gemilang Waras.
In addition, the court did not grant double rental to Aeon, but damages payable to Gemilang Waras are to be assessed.
Aeon intends to appeal against the court's decision and has orally applied for a stay pending the disposal of the appeal. An interim stay was granted by the court pending the filing and hearing of a formal application for stay.
"At this juncture, the board is unable to ascertain the financial impact to the company pending the outcome of the appeal," Aeon said.
Aeon shares closed down 1.46% to RM2.02, while WCT fell 2.4% to RM1.23.