UAE: KFC operator Americana increases IPO share offers to 10 percent

Estimated read time 2 min read

Photo for illustrative purposes only. ARCHIVE

Americana Restaurants International Plc, the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa, and Kazakhstan increased its UAE retail offer from 5 to 10 percent of the total offering.

This decision brings UAE retail equal to Saudi Arabia’s. The KSA retail offer continues at 10% of the overall offering, while the institutional offer drops from 85% to 80% of the IPO.

The IPO structure was changed after receiving regulatory permission from the Securities & Commodities Authority in the UAE and the Capital Market Authority in Saudi Arabia.

The subscription periods will continue until November 21, 2022, for individuals and other investors in both nations, and until November 22, 2022, for qualifying institutional investors in several countries (including the UAE and Saudi Arabia). The IPO will be dual-listed on Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange.

Adeptio AD Investments Ltd, the selling shareholder, plans to sell 2,527,089,930 existing ordinary shares with a nominal value of Dh0.073 (0.075 SAR), representing 30% of the company’s issued share capital.

The IPO and admission of offer shares for listing and trading on ADX and the Saudi Exchange is planned to take place sometime around December 6, subject to market circumstances and regulatory clearances in the UAE and Saudi Arabia, including admission approval. BKM/ Expat Media

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