Americana International Restaurants Company PLC (Americana) intends to offer its shares for the initial public offering, and to list its ordinary shares on the main market of the Saudi Tadawul and the Abu Dhabi Securities Exchange.
According to Arabiya Net, Al-Ahly Financial Company, in its capacity as the lead manager, financial advisor and underwriter, said that the offering includes the sale of 30% of Americana shares, amounting to about 2.527 billion shares.
The subscription period is expected to run from November 14 to November 21 for the retail segment in the UAE and Saudi Arabia, and from November 14 to November 22, 2022 for the eligible institutional segment.
Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia and Fab Capital are participating in the management of the Offering as financial advisors, bookrunners, international coordinators and underwriters.
It is expected that the shares will start trading on the Abu Dhabi Securities Exchange and the Saudi Market on or around December 6, 2022.
The selling shareholder, Adeptio AD Investments Ltd., intends to offer about 2.527 billion of its common shares, representing 30% of the total issued shares in the capital of Americana Restaurants Company, in an initial and double public offering in the Abu Dhabi and Saudi markets, and the selling shareholder will receive the net proceeds of the offering.
Adeptio AD, registered and incorporated in the Abu Dhabi Global Market and owns 96% of the total capital of Americana Restaurants, is a joint investment vehicle owned by Mohamed Ali Rashid Alabbar, founder of Emaar Properties and the Saudi Public Investment Fund.
Americana's restaurant business was previously owned and operated by the Kuwaiti Americana Food Company under the umbrella of the broader Americana group, which included the restaurants and food sectors, and the initial public offering will include the business of Americana Restaurants Company only.
For his part, the Chairman of the Board of Directors of Americana Restaurants, Mohammed Ali Rashid Al-Abbar, said that the offering of Americana represents the first process of its kind in the Abu Dhabi and Saudi markets, and that Americana Restaurants Company is the only one currently able to undertake this type of listing.
The reason behind the offering is to allow the selling shareholder to sell part of his ownership to manage and improve his asset portfolio more effectively, as well as to provide liquidity in trading in the offering shares. The offering is expected to raise the company's position in the local and international investment community.
In the UAE, Americana appointed First Abu Dhabi Bank as the main subscription receiving bank, and also appointed Abu Dhabi Islamic Bank and Al Maryah Community Bank as the subscription receiving banks, and in Saudi Arabia it appointed the National Bank of Saudi Arabia, Al Rajhi Bank, Riyad Bank, Alinma Bank and the Arab National Bank as the receiving banks.
