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Americana chairman positive over stake sale

KUWAIT, April 24, 2016

Kuwait Food Co (Americana) has edged closer to completing the sale of a controlling stake to a Dubai-based investment firm, the chairman of the consumer foods firm told reporters on Sunday.

Adeptio, the investment firm, has not extended due diligence on Americana after an April 7 deadline, Americana Chairman Marzouk al-Kharafi said on the sidelines of a shareholder meeting, which he interpreted as a "positive sign."

Kharafi also dismissed as "speculation" media reports about the size of the transaction and said that he did not anticipate any regulatory hurdles associated with the deal.

Adeptio said in February it had signed an initial agreement to buy a 69 percent stake in Americana from the Al Khair holding company, which is owned by Kuwait's al-Kharafi family.

The investment firm is led by one of Dubai's top businessmen, Mohamed Alabbar, who is also the founder and chairman of the emirate's biggest real estate developer, Emaar Properties.

Adeptio also represents other financial investors from Gulf Arab states, it has said, without disclosing their names.

Kharafi said he expected growth for Americana if the transaction closes. The firm owns the Middle East franchises for fast food chains KFC and Pizza Hut and has a total market value of $3.42 billion, according to Thomson Reuters data. – Reuters




Tags: Kuwait | Americana | Stake sale |

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