UAE-based Ras Al Khaimah Cement buys IHC’s Apex Holding for $830mn

By Shilpa Annie Joseph, Desk Reporter
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UAE
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UAE-based leading cement manufacturing facility Al Khaimah Cement Investment Company (RAKCIC) has agreed to buy entire shares of International Holding Company (IHC) and Chimera Investments in APEX Holding in an $830 million (AED 3.05 billion) deal.

Apex Holding is a subsidiary of International Holding Company (IHC) based in the UAE. The company’s operating business strategy is diverse, with investments in sectors such as food and beverage catering, facility management, tent sales, rental, construction, industrials, IT, and data analytics.

Mr. Shehzad Janab, CEO of APEX Holding said that, “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.”

The company serves corporate, commercial, hospitality, and industrial clients, as well as provides other services as needed. According to the statement, “Equipped with an extensive industry knowledge, the company implements the highest technology, safety, and hygiene standards, using high-quality ingredients and technologically supported processes.”

Established in 1995, Ras Al Khaimah Cement Investment Company is one of the leading cement manufacturing facilities and serves customers in the UAE and internationally. The company was listed on the Abu Dhabi Securities Exchange (ADX) in 2004.

Mr. Ahmed Ali Anwan Al-Nuaimi, General Manager of Ras Al Khaimah Cement Investment remarked that, “There’s no doubt the proposed transaction provides an opportunity to strengthen RAKCIC’s financial performance through the 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,” Mr. Al-Nuaimi further added.

Related: APICORP and IsDB unveil $1bn infrastructure financing initiative


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