Dubai: Abu Dhabi’s International Holding Co. (IHC) has started 2022 in the same deal-making spirit that it showed in 2021, this time involving Ras Al Khaimah Cement Investment. This will see the latter acquire the entire stake held by IHC and Chimera Investments in Apex Holding.
The deal will be routed through the issuing of mandatory convertible bonds with a combined value of Dh3.05 billion to IHC and Chimera Investments in exchange for their stakes in Apex. It will also lead to the change of name for RAK Cement Investment to ‘Apex Investment.
“We are confident this agreement will help drive APEX Holding next phase of the growth plan,” said Shehzad Janab, CEO APEX Holding. “The combined businesses will have a more diverse business offering and customer base than either individual entity.”
Apex Holding is into F&B catering, facility management, construction, industrials, IT and data analytics. Ahmed Ali 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.”