Dubai: Gulf investment firm Adeptio has chosen Kuwait’s National Investment Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co (Americana) shareholders, the adviser said in a bourse filing on Sunday.
NIC did not provide a time frame for when the offer process would happen.
The disclosure comes after Adeptio, led by prominent Dubai businessman Mohammad Al Abbar, completed the acquisition of a 66.79 per cent stake in Americana on October 20 for $2.35 billion (Dh8.6 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 October 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.
