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Wednesday, November 9, 2011

IOI, Dutaland rescind RM830m land deal

IOI Corporation Bhd and Dutaland Bhd have agreed to mutually rescind the sale and purchase agreement (SPA) for the proposed acquisition of 11,977.91ha of oil palm plantation land for RM830 million.

IOI said its unit Sri Mayvin Plantation Sdn Bhd and Dutaland's Pertama Land and Development Sdn Bhd had entered into a deed of rescission with immediate effect in a move to resolve all issues and disputes relating to the SPA.

"The parties are released from all obligations and liabilities in connection with the SPA and neither party shall have any further claim against the other in respect thereto," it said in a filing to Bursa Malaysia today.

IOI said following from the execution of the deed of rescission, OSK Trustees Bhd, the stakeholder jointly appointed by the parties, will proceed to refund the RM83 million deposit earlier paid by Sri Mayvin together with all interest accrued to Sri Mayvin.

In a separate statement, Dutaland said the rescission is not expected to have a material effect on the earnings, net assets and gearing of the company for the financial year ending June 30, 2012.

Dutaland said it would continue to manage the properties to generate positive returns.

By Bernama

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