PHOTO
DUBAI, Nov 6 (Reuters) - Gulf investment firm Adeptio has chosen Kuwait's National Investment Company
NINV.KW
(NIC) to manage a mandatory tender offer to remaining Kuwait Food Co
FOOD.KW
(Americana) shareholders, the advisor said in a bourse filing on Sunday.
NIC did not provide a timeframe for when the offer process would happen.
The disclosure comes after Adeptio, led by prominent Dubai businessman Mohamed Alabbar, completed the acquisition of a 66.79 percent stake in Americana on Oct. 20 for $2.35 billion.
Under Kuwaiti market rules, Adeptio must follow up its purchase with a mandatory offer to buy the outstanding shares in Americana. Adeptio said in a bourse filing on Oct. 23 that it was committed to that process.
Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.
(Reporting by Hadeel Al Sayegh; Editing by David French) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
NIC did not provide a timeframe for when the offer process would happen.
The disclosure comes after Adeptio, led by prominent Dubai businessman Mohamed Alabbar, completed the acquisition of a 66.79 percent stake in Americana on Oct. 20 for $2.35 billion.
Under Kuwaiti market rules, Adeptio must follow up its purchase with a mandatory offer to buy the outstanding shares in Americana. Adeptio said in a bourse filing on Oct. 23 that it was committed to that process.
Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.
(Reporting by Hadeel Al Sayegh; Editing by David French) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
