PIF buys 50% stake in Gulf food gi­ant Amer­i­cana

Arab News - - BUSINESS -

RIYADH: The Pub­lic In­vest­ment Fund (PIF) is to ac­quire a 50 per­cent stake in a UAE firm which last month took con­trol of Kuwaiti food gi­ant Amer­i­cana.

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

An Adep­tio Hold­ings sub­sidiary, Adep­tio, in Oc­to­ber com­pleted the nearly $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.

This is the lat­est ma­jor PIF ven­ture since Riyadh in April an­nounced its Vi­sion 2030 plan to di­ver­sify the econ­omy.

“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 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.”

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