We refer to our announcement made on 4 March 2021 in relation to the Writ and Statement of Claim filed by Betanaz against AEON pertaining to AEON’s fundamental and repudiatory breach of a Tenancy Agreement dated 24 August 2017 (“Tenancy Agreement”).

AZRB wishes to announce that Betanaz’s solicitors and AZRB have on 29 March 2021 and 31 March 2021 respectively, received a Defence against Betanaz’s claim, and a Counterclaim by AEON against Betanaz and AZRB seeking a refund of the monies paid by AEON to Betanaz and AZRB, on the ground that the Tenancy Agreement, and the Commercial Agreement dated 24 August 2017 between AZRB and AEON (“Commercial Agreement”) were allegedly void by reason of the alleged non-fulfilment of the conditions precedent to those agreements.

AEON is claiming against Betanaz, amongst others, the return or payment of RM2,303,087 under the Tenancy Agreement and against AZRB, amongst others, the return of RM28,415,094.44 under the Commercial Agreement.

AZRB and Betanaz will contest the alleged Counterclaim and have consulted their solicitors who will defend the suits on their behalf. Based on their solicitors' preliminary view, the Counterclaim by AEON against Betanaz and AZRB has no merits in law and in fact.

This announcement is dated 31 March 2021.