Americana offers 30% of its shares for subscription

Adgully Bureau | | Reading Time: 4:37 minutes

Americana Restaurants International Plc today announced its intention to proceed with an Initial Public Offering (IPO) and to list its shares for trading on the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange through a concurrent dual listing process.

Adeptio Investments AD Ltd. (Selling Shareholder) intends to offer 2,527,089,930 existing ordinary shares of Americana Restaurants (Offer Shares), representing 30% of the total issued share capital of Americana Restaurants, in a public and concurrent Offering on ADX in the UAE and on the Saudi Exchange in Saudi Arabia. The net proceeds of the Offering will be received by the Selling Shareholder.

The Offering is expected to run from 14th November 2022 until 21st November 2022 for retail investors in the UAE and Saudi Arabia and from 14th November 2022 until 22nd November 2022 for institutional investors.

Admission of the Offer Shares to trading on ADX and the Saudi Exchange is expected to take place on or around 6th December 2022.

Completing the Offering and Admission is subject to market conditions and obtaining all necessary relevant regulatory approvals in the UAE and Saudi Arabia.

Americana Restaurants was previously operated by Kuwait Food Company (Americana) K.S.C.C, under the wider Americana umbrella, which included both Restaurant and Food businesses. The Initial Public Offering is for the Restaurant business only.

The Company is registered and incorporated in the Abu Dhabi Global Market (ADGM) and is subject to the ADGM Companies Regulations 2020 (as amended). The Selling Shareholder owns 96% of the total issued share capital of Americana Restaurants and is the jointly-held investment vehicle of Mohamed Ali Rashed Alabbar, Founder of Emaar Properties, and Saudi Arabia's Public Investment Fund (PIF).

Commenting on the launch of the IPO process, Americana Restaurants' Chairman, Mohamed Ali Rashed Alabbar, said, "It gives us great pleasure to announce the start of our IPO process, a major milestone in our fifty-plus year history. We are proud of the fact that Americana Restaurants is a GCC-born food and beverage champion, which has grown to be the single largest player in the MENA region and Kazakhstan.

"Led by an experienced and deeply committed management team, Americana Restaurants has earned a reputation of being a stand-out operator of iconic global brands, with best-in-class digital capabilities, and a track record of breakthrough financial results. Our diversified restaurant platform serves the most popular food categories and delights millions of customers across our 12 countries of operation."

He added, "A concurrent dual listing on ADX and the Saudi Exchange marks a first-of-its-kind transaction for both markets, and no company could be better suited than Americana Restaurants to carry this torch. With macroeconomic and demographic tailwinds that support our accelerating growth, this is an exciting time to be inviting investors in the UAE, Saudi Arabia and internationally to share in our onward journey of success."