ACR's major shareholders 'yes' to terms for 100pc stake sale

SINGAPORE: Singapore reinsurer, ACR Capital Holdings Pte Ltd, announced that its major shareholders, including Khazanah Nasional Bhd, have agreed to the terms for the 100 per cent acquisition of ACR by Shenzhen Qianhai Financial Holdings Co Ltd (QFH) and Shenzhen Investment Holdings Co Ltd (SIHC).ACR did not disclosed the purchase price but it was reported that the deal was worth S$1 billion (S$1 = RM3.02).

Its other major shareholders are 3i Group plc (and affiliates), Temasek Holdings (Pte) Ltd and Marubeni Corp.

The acquisition of ACR is through QFH and SIHC's jointly-owned holding company, Asia Investment Capital Holdings Co Ltd (AICH).

ACR's shareholders will, subject to receiving regulatory and other approvals, enter into a definitive agreement with AICH.

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Both QFH and SIHC are 100 per cent state-owned investment corporations of Shenzhen, China.

With significant investment in the financial sector, the two firms are looking in particular to further boost their exposure to the reinsurance industry.

"China is ACR's largest market and given QFH and SIHC's strong focus on driving the development of China's financial services sector, in particular, on developing Shenzhen Qianhai into a regional reinsurance hub, this new partnership presents ACR with great opportunities to contribute to the development of China's reinsurance industry," ACR's Group Chief Executive, Hans-Peter Gerhardt, said in a statement here.

"Furthermore, they share ACR's regional growth ambitions and have the ability to support ACR's future growth trajectory.

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"A larger, stronger ACR will be well-positioned to pursue profitable growth opportunities, with an enhanced ability to serve its clients with a broader suite of products across a wider range of channels and geographies.

He said the introduction of QFH and SIHC as long-term, strategic owners would open up a new and exciting chapter for ACR. – Bernama

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