SINGAPORE (Dec 19): ABR Holdings is acquiring 50% of the entire issued and paid-up share capital of PT Bintan Lagoon Resort (BLR) from vendor Resort Venture for $65 million.

BLR owns Bintan Lagoon Resort in Bintan, a 311-hectare resort that comprises a hotel, golf courses, villas, as well as leisure and food and beverage facilities.

Following the acquisition, ABR will hold equal shares in BLR with Resort Venture.

The vendor is a Singapore incorporated company which is controlled by Khua Kian Keong and Pacific Star Holdings. Its principal business activity is investment holding.

In connection with the proposed acquisition, the vendor will incorporate a company in Singapore – Singapore Management Co – which will be held by ABR and Resort Venture in equal shares for the purpose of, inter alia, supporting the operations and business of the resort.

Singapore Management Co will also apply for a travel agent licence which is to be issued by the Singapore Tourism Board (STB) and a regional ferry services operator licence to be issued by the Maritime and Port Authority of Singapore (MPA).

The group will fund the acquisition via internal resources and bank borrowings.

Shares in ABR closed flat at 80 cents on Tuesday.