KUALA LUMPUR: AEON Co. Bhd will operate its department store and supermarket at the 1 1 Utama Shopping Centre in Petaling Jaya after it withdrew its suit against Bandar Utama City Sdn Bhd (BUC).
AEON said on Thursday, July 14 the legal proceedings including arbitration over the difference or dispute between both parties regarding BUC's refusal to renew the lease at the shopping centre was withdrawn on Tuesday.
'Both parties have resolved the same amicably by entering into a tenancy agreement on June 23, 2011 to enable AEON to operate its department store cum supermarket at 1 Utama Shopping centre,' it said.
The legal proceedings were mentioned in its first quarter announcement dated May 26, 2011.
To recap, in the May 25 statement, it said the lease agreement dated Oct 18, 1995 between the company and BUC'' had expired on Aug 18, 2010.
AEON had handed over the operation of 1 Utama Shopping Centre to BUC on Aug 18, 2010 while the company has obtained an injunction from the court, among others, to continue to operate its department store cum supermarket at the shopping centre after Aug 18, 2010.
BUC then appealed against the injunction to the Court of Appeal and the appeal was dismissed.
AEON said on Thursday, July 14 the legal proceedings including arbitration over the difference or dispute between both parties regarding BUC's refusal to renew the lease at the shopping centre was withdrawn on Tuesday.
'Both parties have resolved the same amicably by entering into a tenancy agreement on June 23, 2011 to enable AEON to operate its department store cum supermarket at 1 Utama Shopping centre,' it said.
The legal proceedings were mentioned in its first quarter announcement dated May 26, 2011.
To recap, in the May 25 statement, it said the lease agreement dated Oct 18, 1995 between the company and BUC'' had expired on Aug 18, 2010.
AEON had handed over the operation of 1 Utama Shopping Centre to BUC on Aug 18, 2010 while the company has obtained an injunction from the court, among others, to continue to operate its department store cum supermarket at the shopping centre after Aug 18, 2010.
BUC then appealed against the injunction to the Court of Appeal and the appeal was dismissed.
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