- The transaction will be done through the issuance of a bonds mandatorily convertible into shares in the company.
Abu Dhabi, UAE: APEX Holding, the 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 utilization of the excellent infrastructure of both entities”.
Established in 1995, Ras Al Khaimah Cement Company P.S.C. (RAK CIC), 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.
International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
About APEX Investment
Apex Holding LLC 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.
© Press Release 2022
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