IOI unit, Pertama Land end land deal

IOI Corp Bhd’s subsidiary Sri Mayvin Plantation Sdn Bhd and Pertama Land & Development Sdn Bhd have mutually agreed to back out of a sale and purchase agreement that was earlier disputed.

Pertama Land had, vide its letter dated October 25 2011, disputed Sri Mayvin’s termination of the SPA on October 25 2011.

Sri Mayvin had initially agreed to buy 11.9ha of oil plantation land from Pertama Land for RM830 million.

The former terminated the deal with Pertama Land, however, saying that it (Pertama Land) had failed to upkeep and maintain its properties, besides there being discrepancies relating to the properties.

Sri Mayvin will be refunded the RM83million deposit it had put up.

By Business Times