Alabbar-led consortium is obliged to launch a mandatory offer to buy remaining shares under Kuwaiti securities rules
Gulf investment group Adeptio plans to undertake a mandatory takeover offer of shares in Kuwait Food Co (Americana), it said in a bourse filing on Sunday.
The disclosure to the Kuwait stock exchange came after the Gulf investment group, led by prominent businessman Mohamed Alabbar, on Thursday bought a 66.79 percent stake in Americana through an auction process.
Adeptio AD Investments "is committed to the regulations on mandatory acquisition", and "undertakes to follow the procedures to execute the mandatory takeover operation", the group said in Sunday's statement.
Upon Adeptio concluding its stake purchase, the consortium was obliged to launch a mandatory offer to buy Americana's remaining shares under Kuwaiti securities rules.
Adeptio did not provide further information, such as the timing of the mandatory takeover offer.retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.