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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Malaysia's IOI scraps $162 mln building purchase Reuters - 38 minutes ago KUALA LUMPUR, Nov 27 - Malaysia's second-largest planter IOI Corp on Thursday scrapped a 586.73 million ringgit plan to purchase a commercial building in the heart of the capital as the global economic slowdown spreads to the region. IOI Corp <IOIB.KL>, which was earlier hit by a slew of forex losses, stands to lose another 73.36 million ringgit on the deposit it paid after forfeiting the deal to buy Menara Citibank . The deal was announced in August this year. IOI Corp said in a filing to Bursa Malaysia that the decision was taken "due to the recent sudden adverse developments in the global economic environment which have spread to this region and impacted negatively on business sentiments". "The company has, after due and careful deliberations, decided that it would be in the overall best interests of the company and its shareholders not to proceed with the proposed acquisition," IOI said. The company added that it was seeking legal advice on the forfeiture sum. Hit by falling crude palm oil prices as well as foreign exchange volatility, IOI Corp has already said full-year earnings would be lower than a year ago. IOI booked an unrealised translation loss of 212.2 million ringgit on its U.S. dollar loans in the July-September quarter, on top of realised forex losses of 100.6 million ringgit linked to currency swap and option contracts. Singapore-listed property developer Capitaland <CATL.SI>, which owned 30 percent of the 50-storey Citibank officer tower, said it would have booked a one-off gain of S$22.1 million had the deal proceeded. The firm, Southeast Asia's largest developer, will instead book a one-time gain of S$9.3 million. Shares of IOI ended up 5.4 percent at 3.14 ringgit before the announcement. CapitaLand closed down 1.4 percent at S$2.74 per share. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Thailand to impose emergency around airportsAP - 18 minutes ago Official: Taiwan's Chen ends hunger strikeAP - 27 minutes ago Thailand cabinet may impose state of emergencyAP - 30 minutes ago 104 killed as gunmen rampage in India cityAP - 37 minutes ago Malaysia's IOI scraps $162 mln building purchaseReuters - 42 minutes ago Most Popular – Asia Pacific Viewed Fed, Treasury offer $800 bln more to credit markets Michael Jackson strikes 'amicable' deal with Arab sheikh Love handles increase death risk: study US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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