Adeptio completes purchase of all Al Khair shares in Americana
Adeptio to launch mandatory offer to buy Kuwait Food Co remaining shares under CMA rules
KUWAIT CITY, Oct 23: Adeptio AD Investments SPC Ltd (“Adeptio”) and Al Khair National for Stocks and Real Estate (“Al Khair”), are pleased to announce the completion of the sale by Al Khair of all of their shares in Kuwait Food Co. (“Americana”) to Adeptio at a price of KWD 2.65 per share.
Following completion and in accordance with the regulations of the Capital Market Authority and Stock Exchange in Kuwait, Adeptio will launch a mandatory tender offer to the remaining Americana shareholders to purchase their shares at the same price.
A cash dividend of KWD 0.1 per share and an in specie dividend valued at KWD 0.13 per share was declared at the annual general assembly of Americana in April 2016. Commenting on the completion, HE Mohamed Ali Alabbar, Chairman of Adeptio, said:
“We are looking forward to begin this new and exciting chapter in Americana and envision a very bright future for the company. We are confident that alongside Americana’s strong management team, we are well equipped to drive the business forward into this new stage of growth and to deliver strong results. We would like to extend a special thank you to the Al Kharafi Family, Americana’s management and employees, the transaction advisors and all parties whose efforts have led to the successful consummation of this transaction.”
Commenting on the announcement, Loay Jassim Al Kharafi said:
“We are delighted to have concluded this process which represents a significant milestone for the Al Kharafi family. We are confident that the Americana business will continue to prosper and flourish under the new ownership of Adeptio who will continue the legacy that we have established over 50 years. We would like to express our gratitude to Americana management, employees,
and other key stakeholders in the business for the support they have provided over the years. “As a representative of the Al Kharafi family I would also like to extend our special thanks and appreciation to our advisors without whose support and persistence, we would not
have achieved this successful outcome.”
Goldman Sachs is acting as financial advisor and Allen & Overy is acting as legal counsel to Adeptio.
Rothschild is acting as financial advisor and Clifford Chance is acting as legal counsel to Al Khair.