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IHC's unit agrees to Ras Al Khaimah Cement Investment's deal

IHC's unit agrees to Ras Al Khaimah Cement Investment's deal
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Abu Dhabi – Mubasher: APEX Holding, a subsidiary of International Holdings Company (IHC), has approved the agreement under which Ras Al Khaimah Cement Investment (RAKCIC) will acquire the entire shares of IHC and Chimera Investments in APEX.

RAKCIC will acquire the shares through the issuance of bonds mandatorily convertible into shares in APEX and approve the issuance of AED 3.05 billion mandatory convertible bonds to IHC and Chimera in exchange for their entire shares in the company, according to a press release on Thursday.

Meanwhile, the company's name will change from RAKCIC to APEX Investment.

The CEO of APEX Holding, Shehzad Janab, said: "The combined businesses will have a more diverse business offering and customer base than either individual entity."

Meanwhile, the General Manager of RAKCIC, Ahmed Ali Al Nuaimi, commented: "The resulting business will enjoy improved profitability, cash position and ability to raise financing thus improving utilization of the excellent infrastructure of both entities."