IHC's APEX Holding agrees to Ras Al Khaimah Cement Investment sale and purchase deal

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ABU DHABI, january 13th, 2022 (WAM) — APEX Keeping, a subsidiary of Global Holding Business (IHC), and a diversified working holding company trading across multi sectors, has decided to Ras Al Khaimah Cement Purchase purchase and sale offer.

The deal was accepted by the board people of RAKCIC, and at the mercy of regulatory approvals.

Through this agreement, Ras Al Khaimah Cement Investment will find the whole shares of Chimera and IHC Investments in APEX Keeping, on the issuance of bonds mandatorily convertible into shares in APEX Keeping and approve the issuance of mandatory convertible bonds with a complete value of AED 3.05 billion to Chimera and IHC Investments, in exchange because of their entire shares in the ongoing company, meanwhile, the ongoing company name differ from RAKCIC to APEX Investment was approved through the annual general meeting.

Shehzad Janab, CEO APEX Holding, mentioned, “We have been confident this agreement can help generate APEX Holding next stage of the growth program. The combined businesses could have a more varied business customer and offering base than either individual entity.”

APEX Holding is really a diversified operating keeping company, with expense across sectors which includes F&B catering, Service management, Structure; Industrials; IT and information analytics. The ongoing organization serves corporate, commercial, hospitality and commercial clients, while extending providers where needed. Built with a thorough industry knowledge, the continuing company implements the best technology, safety, and hygiene specifications, using high-quality elements and supported procedures technologically.

Ahmed Ali Anwan Al-Nuaimi, General Supervisor Ras Al Khaimah Cement Expenditure, said, “There’s without doubt the proposed deal provides an possibility to reinforce RAK CIC’s economic performance through robust budget of APEX Holding. The resulting company shall enjoy enhanced profitability, cash position and capability to raise financing hence enhancing utilisation of the wonderful infrastructure of both entities”.

WAM/Amjad Saleh/Hazem Hussein

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