Investment holding company IOI Corp. has cancelled its planned acquisition of oil palm plantation land in Sabah, Malaysia from Dutaland, The Star reports. The $267.35 million deal has been called off because of non-compliance with certain terms and conditions, adds Fox Business.
IOI’s unit Sri Mayvin Plantation inked a sale and purchase agreement with Dutaland’s unit Pertama Land & Development on July 28. DutaLand, a public company listed in Malaysia, is part of a group mainly engaged the areas of oil palm plantations, property development and property investments.
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