KUALA LUMPUR (Oct 16): 7-Eleven Malaysia Holdings Bhd has received a consent judgment from the Kuala Lumpur High Court that allows its convenience stores to continue to stay on in 34 Shell stations across the country until June 2016, following a tenancy dispute with Shell Malaysia Trading Sdn Bhd that started in March 2012.
In a filing with Bursa Malaysia this evening, the convenience store operator said the consent judgment has been filed in the High Court on Oct 15 and that the two parties have achieved “a full and final global settlement of the claim and counterclaim” on a “without admission of liability basis”.
This, however, is subject to a progressive handover of the sites back to Shell Malaysia commencing July 2015, it added.
As stated in a 7-Eleven prospectus dated May 8 this year, the store operator had on March 5, 2012 commenced a suit vide the Kuala Lumpur High Court against Shell Malaysia in relation to a dispute concerning whether there was a valid and binding master tenancy agreement between 7-Eleven Malaysia and Shell Malaysia for the tenancy of 34 7-Eleven convenience stores operated at various Shell petrol stations.
7-Eleven’s counter ended 1.72% lower at RM1.71 today, giving it a market capitalisation of RM2.11 billion.