Saudi Arabia’s Capital Market Authority (CMA) has granted approval for Americana Restaurants’ application for the concurrent and dual listing of over 2.52 billion shares on the KSA and USA stock exchanges.
The shares represent 30 percent of the company’s share capital and the dual offering is the “first of its kind” in the market, CMA said in a statement on Monday.
While subscription to foreign companies involve high risk that includes “examining number of regulations and instructions related to Saudi Capital Market and Abu Dhabi Securities Exchange,” CMA said, adding that investors must carefully read the prospectus and prospectus supplement – both of which include detailed information on the company, its offering and risk factors.
“Thus, providing potential investors the ability to evaluate the viability of investing in the offering, taking into consideration the associated risks,” CMA said.
According to Bloomberg, Americana Restaurants International Company, is owned by Saudi Arabia’s sovereign wealth fund (Public Investment Fund), and an investment led by Dubai businessman Mohamed Alabbar.
The company was previously reported to trading its shares on the Kuwait Stock Exchange, however, it delisted from the bourse in 2017.
Americana currently owns exclusive franchise rights for the management and operation of over 1,950 restaurants.
Food brands such as KFC, Pizza Hut, Hardee’s, Baskin Robins, Krispy Kreme, Wimpy and TGI Fridays, among others, all fall under Americana Group.
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