Owned by Saudi Arabia’s Public Investment Fund (PIF) as well as an investment vehicle led by Dubai-based businessman Mohamed Alabbar, the Americana Group – which operates KFC and Pizza Hut restaurants across the Middle East and North Africa (MENA) region is in preliminary discussions for a potential listing, Bloomberg reported.
Americana operates restaurants for brands including Baskin Robbins, Costa Coffee, and TGI Fridays, as well as KFC and Pizza Hut, according to its website.
Alabbar’s Adeptio AD Investments SPC Ltd bought the firm in 2016. The PIF took a 50 percent stake in Adeptio at the end of 2016, following which Americana subsequently delisted from the Kuwait stock exchange.
The firm has held early-stage talks with advisers over a listing in the UAE or Saudi Arabia.
Discussions are ongoing, but no advisers have been hired and there is no certainty the IPO will materialise, the report said quoting anonymous sources.
The firm could also opt for a rare dual listing in the UAE and Saudi Arabia.
An initial public offering of Americana could raise approximately $1 billion, the report stated, but details on latest valuation weren’t immediately available. The firm was valued at approximately $3.5 billion when it was taken private in 2017.
The PIF declined to comment, and Americana wasn’t immediately available for comment.
If Americana decides to proceed with a listing, it will come amid a boom for IPOs in the Middle East.
Saudi Arabia – the largest IPO market in the region – has seen 11 listings this year, according to data compiled by Bloomberg.
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