SINGAPORE (June 19): ABR Holdings says its intended acquisition of a 50% stake in PT Bintan Lagoon Resort for $65 million has been cancelled after “mutually and amicably” agreeing not to proceed with the property’s vendor, Resort Venture.

The proposed acquisition was announced by ABR last year on Dec 19.

In a Tuesday filing, the group says its wholly owned subsidiary, ABR Land, has been refunded the $4.05 million deposit with any accrued interest.

As such, both parties will cease to have any rights or claims arising from, or in connection with, the previously announced acquisition deal.  

Shares in ABR last traded at 81.5 cents.