Americana says Gulf investor finished due diligence
DUBAI, April 8, 2016
The Gulf investment firm seeking to acquire a majority stake in Kuwait Food Co (Americana) has completed due diligence, the results of which will be communicated ‘in the coming period,’ a bourse filing said.
Americana published a letter from current majority shareholder Al Khair for Stocks and Real Estate, a holding company controlled by Kuwait's Al-Kharafi family.
The letter said the due diligence period had concluded on April 7 and no extension had been requested.
"We would like to notify you that in the coming period, we are expecting to receive the results of the aforementioned due diligence," the letter said, adding that Al Khair would inform Americana of any developments.
The investment firm, Adeptio, is seeking to acquire the 69 per cent stake in Americana currently owned by the Kharafis through Al Khair.
Among Adeptio's backers is Mohamed Alabbar, one of Dubai's top businessmen and founder of Emaar Properties .
Americana has a market capitalisation of about $3.36 billion, according to Thomson Reuters data, suggesting the 69 percent stake could be worth more than $2 billion. - Reuters
