UAE Business: Apex Holding reaches agreement on RAK Cement Investment deal – Gulf Digital News

  • Date: 27-Jan-2022
  • Source: Gulf Digital News
  • Sector:Economy
  • Country:UAE
  • Who else needs to know?

UAE Business: Apex Holding reaches agreement on RAK Cement Investment deal – Gulf Digital News





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 AED3.05 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