26/10/2011 (Fox Business) - IOI Corp. Bhd. (1961.KU), Malaysia's second-largest listed plantation company by acreage, said Tuesday it is terminating an MYR830.0 million acquisition of a 11,977.91-hectare oil-palm plantation.

The purchase agreement, signed in July with a unit of DutaLand Bhd. (3948.KU), is being terminated because of "non-compliance of certain terms and conditions," IOI Corp said in a stock exchange filing. It added it has communicated this to the seller without elaborating.

However, DutaLand said in a separate statement that it isn't accepting IOI's reasons of the alleged non-compliance for the termination of the purchase agreement.

"The company is taking legal advice" and has notified stakeholder OSK Trustees Bhd not to return the MYR83 million deposit for the land purchase to IOI Corp, DutaLand said in the statement.