PIF-owned Americana Group IPO kicks off on Nov. 14 in Riyadh and Abu Dhabi

RIYADH: Americana Restaurants International said it plans to proceed with an initial public offering to list its shares for trading in Riyadh and Abu Dhabi through a dual listing.

The firm, which is owned by Saudi Arabia’s Public Investment Fund, has received the green light from the Saudi regulator to offer 2.52 billion shares, representing 30 percent of the company’s share capital, according to a bourse filing.

It also received the Saudi Exchange approval for its listing application on Oct. 25 on the Main Market, the filing said.

The IPO for the KFC and Pizza Hut restaurants operator will take place from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, while institutional investors can participate from Nov. 14 to Nov. 22.

It expects to list on the Abu Dhabi Securities Exchange and the Saudi Exchange on or around Dec. 6, it said.

“A concurrent dual listing on ADX and the Saudi Exchange marks a first-of-its-kind transaction for both markets, and no company could be better suited than Americana Restaurants to carry this torch,” Chairman, Mohamed Rashed Alabbar, said.

“With macroeconomic and demographic tailwinds that support our accelerating growth, this is an exciting time to be inviting investors in the UAE, Saudi Arabia and internationally to share in our onward journey of success.” he added.

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