Malaysian palm oil producer IOI Corp. and investment holding company Dutaland are cancelling their $263.44 million land agreement, Free Malaysia Today reports. IOI’s unit Sri Mayvin Plantation and Dutaland’s unit Pertama Land and Development signed a deed of rescission to resolve all issues and disputes relating to the sale and purchase agreement.

Sri Mayvin will get a refund of $26.32 million from OSK Trustees, the stakeholder jointly appointed by the parties, and all interest accrued to it, as per the deed for rescinding the deal. The rescission may not materially affect the earnings, net assets and gearing of the company for the financial year ending June 30. Dutaland will continue to manage the properties.

Click here for the story from Free Malaysia Today.