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