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ABR Holdings' unit, Resort Venture cease proposed acquisition

A UNIT of ABR Holdings and Resort Venture have decided not to proceed with a proposed acquisition that was announced last December.

On Tuesday, the food and beverage company said that ABR Land (S) and Resort Venture have "mutually and amicably" ceased to continue with the proposed acquisition of a 50 per cent stake in PT Bintan Lagoon Resort.

The deposit of S$4.05 million, with any accrued interest, has been refunded to ABR Land (S), the purchaser.

ABR Holdings last closed at S$0.815 on June 5.

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