Saudi Ara­bian state fund takes stake in Gulf food gi­ant

The Myanmar Times - - Business -

SAUDI Ara­bia’s Pub­lic In­vest­ment Fund (PIF) will ac­quire a 50 per­cent stake in a UAE firm which last month took con­trol of Kuwaiti food gi­ant Amer­i­cana, the PIF said.

Through a wholly owned sub­sidiary, the PIF will ob­tain the share in Adep­tio Hold­ings from Mo­hamed al-Ab­bar, the head of Dubai prop­erty gi­ant Emaar.

An Adep­tio Hold­ings sub­sidiary, Adep­tio, in Oc­to­ber com­pleted the nearly US$2.4 bil­lion deal for 67 per­cent of Amer­i­cana, the group that brought more than a dozen ma­jor food brands in­clud­ing Pizza Hut, KFC, Costa Cof­fee and TGI Fri­day’s to the Mid­dle East.

The PIF could not im­me­di­ately pro­vide de­tails about the size or na­ture of its pro­posed hold­ing, the lat­est ma­jor PIF ven­ture since Riyadh in April an­nounced its Vi­sion 2030 plan to di­ver­sify the oil-de­pen­dent econ­omy and broaden its in­vest­ment base.

“Fol­low­ing the ac­qui­si­tion of this stake in Amer­i­cana, Adep­tio will launch a manda­tory ten­der of­fer for the re­main­ing shares in Amer­i­cana held by pub­lic share­hold­ers,” the PIF said in a rare press re­lease.

It said the trans­ac­tion “forms part of the Pub­lic In­vest­ment Fund’s ef­forts to in­crease in­vest­ment in non-oil sec­tors and build a port­fo­lio that has greater ge­o­graph­i­cal and as­set class di­ver­si­fi­ca­tion, and which de­liv­ers at­trac­tive long-term fi­nan­cial re­turns for Saudi Ara­bia”.

San Fran­cisco-based Uber, the smart­phone app that con­nects pas­sen­gers and driv­ers around the world, said in June that the PIF would in­ject $3.5 bil­lion into the firm to help its global ex­pan­sion. –

Photo: EPA

Koushik Chat­ter­jee (left), group executive direc­tor, and Hans Fis­cher (right), man­ag­ing direc­tor and chief executive of­fi­cer of Tata Steel in Europe, at­tend a press con­fer­ence to an­nounce Tata Steel’s first-quar­ter fi­nan­cial re­sults 2016-17 in Mum­bai.

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