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

In a statement, Apex said that the transaction has been approved by the board members of RAKCIC and is subject to regulatory approvals. Through this agreement, RAKCIC 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 $830.3 million 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 services where needed.

Equipped with an 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 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”.