World Economy

Americana Stake for Sale

Americana Stake for SaleAmericana Stake for Sale

Kuwait Food Co (Americana) has edged closer to completing the sale of a controlling stake to a Dubai-based investment firm, the chairman of the consumer foods firm told reporters on Sunday, Arabian Business reported. Adeptio, the investment firm, has not extended due diligence on Americana after an April 7 deadline, Americana Chairman Marzouk al-Kharafi said on the sidelines of a shareholder meeting, which he interpreted as a “positive sign.” Kharafi also dismissed as “speculation” media reports about the size of the transaction and said that he did not anticipate any regulatory hurdles associated with the deal. Adeptio said in February it had signed an initial agreement to buy a 69% stake in Americana from the Al Khair holding company, which is owned by Kuwait’s al-Kharafi family. The investment firm is led by one of Dubai’s top businessmen, Mohamed Alabbar, who is also the founder and chairman of the emirate’s biggest real estate developer, Emaar Properties. Kharafi said he expected growth for Americana if the transaction closes.