BRIEF-Magnificent Hotel Investments updates on termination of asset purchase agreement

April 24 (Reuters) - Magnificent Hotel Investments Ltd

:

* Boards consider it is in best interests of companies not

to proceed with acquisition

* Boards of cos consider that termination of agreement will

not have any material impact on business or financial position

of co

* Asset purchase agreement was terminated and deposits paid

to vendors under asset purchase agreement will be refunded in

full to purchaser

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