UAE’s Adep­tio grabs 66.7% shares of Amer­i­cana at KD 711.5 mil­lion

Kuwait Times - - LOCAL -

KUWAIT: Boursa of Kuwait an­nounced that UAE’s Adep­tio has bought some 268,496,544 shares of the Kuwait Food Com­pany (Amer­i­cana) - mak­ing up 66.7 per­cent of its to­tal cap­i­tal. Boursa Kuwait Vice Chair­man and CEO Khaled Al-khaled said in a press state­ment that the deal was es­ti­mated at KD 711.5 mil­lion (one KD = $3.3). He added that fi­nal­iz­ing the deal re­flects con­fi­dence of the in­volved par­ties in the strength of Kuwait’s econ­omy, and en­hances trust of in­vestors in lo­cal com­pa­nies. He stressed that the Boursa Kuwait is work­ing hard to de­velop busi­ness so as to pro­mote ser­vices pro­vided to cus­tomers.

Mean­while, chair­man of Na­tional In­vest­ments Com­pany and rep­re­sen­ta­tive of the seller and buyer Ha­mad Al-Omairi, said Adep­tio would sub­mit its of­fer to Amer­i­cana chair­man, with KD 2.65 per share for of­fi­cial ap­proval. Amer­i­cana was es­tab­lished in 1863 and listed in the bourse in 1984, with a cap­i­tal of KD 40.2 mil­lion. Amer­i­cana Group’s main lines of busi­ness are op­er­at­ing food and bev­er­age out­lets, as well as man­u­fac­tur­ing food prod­ucts. With a net­work of over 1,700 out­lets, it is not only the largest op­er­a­tor of restau­rant chains in the MENA re­gion, but also one of the most suc­cess­ful fran­chise op­er­a­tors in the whole world. — KUNA

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