KUALA LUMPUR: 7-Eleven Malaysia Holdings Bhd has received a consent judgement from the Kuala Lumpur High Court, allowing its convenience stores to stay on at 34 Shell stations in 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 yesterday, the convenience store operator said the consent judgement was filed in the High Court on Wednesday and that the two parties had 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 said.
As stated in a 7-Eleven prospectus dated May 8 this year, the store operator on March 5, 2012 commenced a suit vide the Kuala Lumpur High Court against Shell Malaysia in relation to a dispute on 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 yesterday, giving it a market capitalisation of RM2.11 billion.
This article first appeared in The Edge Financial Daily, on October 17, 2014.