APEX Holding, a subsidiary of Abu Dhabi International Holding Co. (IHC), has entered into a sale and purchase agreement with Ras Al Khaimah Cement Investment.
Ras Al Khaimah Cement Investment will acquire all of the shares of IHC and Chimera Investments in APEX Holding, through the issuance of mandatory convertible bonds into shares of APEX Holding and will approve the issuance of mandatory convertible bonds with a value total of 3.05 billion dirhams (830.5 million dollars). ) to IHC and Chimera Investments, in exchange for all of their shares in the company.
Shehzad Janab, CEO of APEX Holding, said this will help drive the next phase of the company’s growth plan. “The combined businesses will have a more diverse business offering and customer base than either of the individual entities.”
The transaction was approved by RAKCIC board members who also approved the renaming of RAKCIC to APEX Investment.
APEX Holding is a diversified operational holding company, with investments in all sectors.
(Writing by Brinda Darasha; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The Content does not provide tax, legal or investment advice or an opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer here.
© ZAWYA 2022