Abu Dhabi's International Holding Co. (IHC) subsidiary APEX Holding has agreed to a sale and purchase deal by Ras Al Khaimah Cement Investment.
Ras Al Khaimah Cement Investment will acquire the entire shares of IHC and Chimera Investments in APEX Holding, via the issuance of bonds mandatorily convertible into shares in APEX Holding and approve the issuance of mandatory convertible bonds with a total value of 3.05 billion dirhams ($830.5 million) to IHC and Chimera Investments, in exchange for their entire shares in the company.
Shehzad Janab, CEO of APEX Holding, said the will help drive the company's next phase of the growth plan. "The combined businesses will have a more diverse business offering and customer base than either individual entity.”
The transaction was approved by the board members of RAKCIC who also approved changing the name from RAKCIC to APEX Investment.
APEX Holding is a diversified operating holding company, with investment across sectors.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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