Ras Al Khaimah Cement buys IHC’s Apex Holding for AED3.05bn

Ras Al Khaimah Cement buys IHC’s Apex Holding for AED3.05bn

ABU DHABI, UAE: Ras Al Khaimah Cement Investment (RAKCIC) has agreed to buy entire shares of International Holding Company (IHC) and Chimera Investments in APEX Holding in a AED 3.05 billion deal.

Apex Holding is subsidiary of International Holding Company based in the United Arab Emirates. The company has diversified operating business model with investment across sectors including F&B catering; facility management, tent sale & rental business; construction; industrials; IT and data analytics.

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 highquality ingredients and technologically supported processes.

Ahmed Ali Al Nuaimi, General Manager Ras Al Khaimah Cement Investment said, “There’s no doubt the proposed transaction provides an opportunity to strengthen RAKCIC’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 utilization of the excellent infrastructure of both entities”.

Established in 1995, Ras Al Khaimah Cement Company P.S.C. (RAKCIC), is one of the leading cement manufacturing facilities and cater customers in the United Arab Emirates and internationally. The company was listed on the Abu Dhabi Securities Exchange (“ADX”) in 2004.

www.rakcc.ae

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