العربية

Combined businesses will have increased offering and customer base

Combined businesses segregates will have increased offering and customer base

APEX Investments, a subsidiary of International Investment Company (IHC) and a diversified operating holding company investing across a number of sectors, has said it has agreed a sale and purchase deal with Ras Al Khaimah Cement Investment.

In a statement, APEX said that the transaction had been approved by the board members of RAKCC and is subject to regulatory approval. Through this agreement, RAKCC will acquire the entire shares of IHC and Chimera Investments in APEX Investment over the issuance of bonds mandatory convertible into shares in APEX Investment and approve the issuance of mandatory convertible bonds with a total value of $830.3 million to IHC and Chimera Investments, in exchange for their entire shares in the company.

Meanwhile, the company name change from RAKCC to APEX Investment was approved during the annual general meeting.

Shehzad Janab, CEO APEX Investment said: “We are confident this agreement will help drive APEX Investment next phase of the growth plan. The combined businesses will have a more diverse business offering and customer base than either individual entity.”

APEX Investment is a diversified operating holding company, with investment across sectors including F&B catering, Facility management, Construction; Industrial; IT and data analytics. The company serves corporate, commercial, hospitality and industrial clients, while extending services where needed.

Equipped with 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 RAKCC’s financial performance through robust financial position of APEX Investment. The resulting business will enjoy improved profitability, cash position and ability to raise financing thus improving utilization of the excellent infrastructure of both entities”.