The acquisition of ACR Capital Holdings Pte Ltd, parent company of Asia Capital Re, has received one of the needed regulatory clearances for its acquisition by two Chinese firms.
On Tuesday, the National Development and Reform Commission of the People’s Republic of China (NDRC) gave its approval for Shenzhen Qianhai Financial Holdings Co. (QFH) and Shenzhen Investment Holdings Company (SIHC) to purchase 100% of the Singapore-based financial group.
ACR Group chief executive officer Hans-Peter Gerhardt commented: “The clearance from NDRC is a key step forward towards completion. All parties involved are now focused on the final completion of the proposed transaction within the shortest time possible, in accordance with required regulatory and customary closing conditions. ACR will continue to work closely with QFH and SIHC to expediently complete the transaction to begin realising the long-term benefits that this new strategic relationship can bring to our clients in Asia.”
Two other required approvals, from the Monetary Authority of Singapore and Bank Negara Malaysia, were awarded in November and December 2016 respectively.
Related stories:
ACR Capital completes acquisition of reinsurance and retakaful firms
Chinese consortium to buy Asia Capital Reinsurance of Singapore
