3i Group plc (“3i”) notes that ACR Capital Holdings Pte. Ltd (“ACR”) has today announced that the proposed acquisition of ACR by Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd will not be proceeding.
The book value methodology used to value 3i’s stake in ACR did not change as a result of the implementation agreement being signed in October 2016, and at 30 June 2017 it was valued at £131m.
Over the past year, ACR has continued to successfully execute on its original strategy, pursuing profitable growth opportunities while simultaneously de-risking and rebalancing its portfolio, and further strengthening its business franchise and brand. These measures have resulted in significant improvement in ACR’s underwriting and financial performance, with its business tracking ahead of plan across all key metrics.
For further information, contact:
3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Tel: +44 20 7975 3258