Auction will take place at which Gulf investment firm Adeptio is expected to buy a majority stake in Kuwait Food Co
Kuwait's stock exchange said on Thursday that it would hold on Oct. 20 an auction in which Gulf investment consortium Adeptio is expected to buy a majority stake in Kuwait Food Co (Americana).
Adeptio, an investment group led by prominent Dubai businessman Mohammed Alabbar, agreed in June to pay $2.4 billion to buy a 69 percent stake in Americana from the Kharafis, a wealthy Kuwaiti merchant family.
The price in the deal is 2.650 dinars a share, which is the level at which bidding will start in the auction. The shares last closed in the market at 2.560 dinars.
Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.
After Adeptio completes the purchase of the stake from the Kharafis, it will launch a mandatory takeover offer to remaining Americana shareholders at the same price under Kuwaiti securities rules, Adeptio has said.For all the latest market 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.