Thu 13-01-2022 16:39 PM
ABU DHABI, 13th January, 2022 (WAM) -- APEX Holding, a subsidiary of International Holding Company (IHC), and a diversified operating holding company investing across multi sectors, has agreed to Ras Al Khaimah Cement Investment sale and purchase deal.
The transaction was approved by the board members of RAKCIC, and subject to regulatory approvals.
Through this agreement, Ras Al Khaimah Cement Investment will acquire the entire shares of IHC and Chimera Investments in APEX Holding, over the issuance of bonds mandatorily convertible into shares in APEX Holding and approve the issuance of mandatory convertible bonds with a total value of AED 3.05 billion to IHC and Chimera Investments, in exchange for their entire shares in the company, meanwhile, the company name change from RAKCIC to APEX Investment was approved during the annual general meeting.
Shehzad Janab, CEO APEX Holding, said, "We are confident this agreement will help drive APEX Holding next phase of the growth plan. The combined businesses will have a more diverse business offering and customer base than either individual entity."
APEX Holding is a diversified operating holding company, with investment across sectors including F&B catering, Facility management, Construction; Industrials; IT and data analytics. The company serves corporate, commercial, hospitality and industrial clients, while extending services where needed. Equipped with an extensive industry knowledge, the company implements the highest technology, safety, and hygiene standards, using high-quality ingredients and technologically supported processes.
Ahmed Ali Anwan Al-Nuaimi, General Manager Ras Al Khaimah Cement Investment, said, "There’s no doubt the proposed transaction provides an opportunity to strengthen RAK CIC’s financial performance through robust financial position of APEX Holding. The resulting business will enjoy improved profitability, cash position and ability to raise financing thus improving utilisation of the excellent infrastructure of both entities".