By: Ahmed Awad
Kuwait - Mubasher: Al Khair National Group and banks have reached an advanced stage of negotiations, three sources told Mubasher.
Al Khair, which owns 67% of Americana, owes around KWD 500 million to banks.
Al Khair will use a large portion from selling Americana to the investment consortium Adeptio to repay its debts, and will keep the remainder of the sale as liquidity, the sources added.
Adeptio will submit a takeover offer through the Kuwait Stock Exchange (KSE) within a few days to acquire Americana’s shares at KWD 2.65 per share, and at a total value of KWD 700 million ($2.37 billion).
Al Khair National Group owns 268 million shares in Americana, all are Indebted to banks that include; Watani, Ahli United, Gulf Bank of Kuwait, and Al Ahli.
Adeptio intends to make an equal offer for the other shareholders to fully acquire the food company.
Adeptio is an investment company representing a group of Gulf investors, led by Mohamed Alabbar, the chairman of Emaar Properties.
Translated by: Moslem Ali
