Americana gives go-ahead for stake sale due-diligence

Dubai: Kuwait Food Co (Americana) said on Monday that its board had agreed to give an investment firm 60 days to carry out due diligence for the acquisition of a controlling stake in the company.

Last week the Gulf-based investment firm, Adeptio, said it had signed an initial agreement to buy a 69 per cent stake in Americana from the Al Khair holding company, which is owned by Kuwait’s Al Kharafi family.

Americana has a market capitalisation of about $2.95 billion (Dh10.83 billion), suggesting the 69 per cent stake could be worth around $2 billion.