Ras Al Khaimah Cement Company P.S.C. (ADX:RAKCIC) signed a letter of intent to acquire Apex Holding LLC from IHC Capital Holding LLC and Chimera Investments LLC. for AED 2.5 billion on August 19, 2021. As per the share purchase agreement, consideration shall be paid in terms of the issuance of mandatory convertible bonds for an aggregate amount of 3,050,077,467 (Mandatory Convertible Bonds), which shall be convertible into 3,050,077,467 ordinary shares of a nominal value of AED 1 each in the capital of RAK CIC. The price at which each Convertible Bond will convert into the New Shares is AED 1 per new ordinary share in RAK CIC. The Mandatory Convertible Bonds will be converted into New Shares upon Completion. Following Completion, Apex Shareholders will hold 85.8% of the entire issued share capital of RAK CIC. On November 2, 2021, the board of directors of RAK CIC approved and voted to recommend the transaction to its shareholders. The transaction is subjected to the approval of the RAK CIC shareholders at the general meeting to be held on December 26, 2021, approval from The Securities & Commodities Authority (SCA) of the form of the Mandatory Convertible Bonds. As of January 13, 2022, board of directors of RAK CIC approved the transaction. As of January 13, 2022, the transaction has been approved by the shareholders of RAK CIC at the general assembly meeting on December 26, 2021. The transaction is expected to complete on January 25, 2022.

RAK CIC appointed KPMG Lower Gulf Limited to undertake a valuation and to assist the RAK CIC Board in its determination of the fairness of the offer and the transaction. Hadef & Partners acting as a legal due diligence advisor to RAK CIC and the financial and tax due diligence report on APEX prepared by ARDENT Advisory & Accounting LLC.

Ras Al Khaimah Cement Company P.S.C. (ADX:RAKCIC) completed the acquisition of Apex Holding LLC from IHC Capital Holding LLC and Chimera Investments LLC. on March 1, 2022. On March 1, 2022, all regulatory approvals related to the transaction were received. Ernst & Young acted as financial advisor to IHC.