Temasek-backed ACR Capital calls off sale to Shenzhen govt group

Temasek-backed ACR Capital calls off sale to Shenzhen govt group

Images Of Chinese Yuan Banknotes. Photo: Reuters

A planned sale of ACR Capital, the holding firm for a Singapore-based reinsurer, to a Shenzhen government-owned consortium has been called off after the consortium flagged it would not be able to close the deal this year, ACR‘s chief executive said.

ACR, the holding firm for Asia Capital Reinsurance Group, agreed last October to sell itself to Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings Corp, and had hoped the deal would be completed by November.

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