Sunday 20 January 2019

Alabbar ... bright future.

Adeptio completes Americana share buy

DUBAI, October 23, 2016

Adeptio AD Investments SPC and Al Khair National for Stocks and Real Estate have announced the completion of the sale by Al Khair of all of its shares in Kuwait Food Company (Americana) to Adeptio at a price of KD2.65 ($8.74) per share.

Following completion and in accordance with the regulations of the Capital Market Authority and Stock Exchange in Kuwait, Adeptio will launch a mandatory tender offer to the remaining Americana shareholders to purchase their shares at the same price.  

Adeptio bought a 66.79 percent stake in Americana through an auction process from Al Khair. The total value of the deal was earlier reported to be $2.36 billion.

A cash dividend of KD0.1 per share and an in specie dividend valued at KD0.13 per share was declared at the annual general assembly of Americana in April 2016.

Mohamed Ali Alabbar, chairman of Adeptio, said: “We are looking forward to begin this new and exciting chapter in Americana and envision a very bright future for the company. We are confident that alongside Americana’s strong management team, we are well equipped to drive the business forward into this new stage of growth and to deliver strong results.

“We would like to extend a special thanks to the Al Kharafi family, Americana’s management and employees, the transaction advisors and all parties whose efforts have led to the successful consummation of this transaction,” he said.

Loay Jassim Al Kharafi said: “We are delighted to have concluded this process which represents a significant milestone for the Al Kharafi family. We are confident that the Americana business will continue to prosper and flourish under the new ownership of Adeptio who will continue the legacy that we have established over 50 years. We would like to express our gratitude to Americana management, employees, and other key stakeholders in the business for the support they have provided over the years.

“As a representative of the Al Kharafi family I would also like to extend our special thanks and appreciation to our advisors without whose support and persistence, we would not have achieved this successful outcome.”

Goldman Sachs is acting as financial advisor and Allen & Overy is acting as legal counsel to Adeptio.

Rothschild is acting as financial advisor and Clifford Chance is acting as legal counsel to Al Khair. – TradeArabia News Service

Tags: Emaar | Americana | Alabbar | Adeptio |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events