Middle East KFC operator set for Abu Dhabi, Riyadh dual listing

Middle East KFC operator set for Abu Dhabi, Riyadh dual listing

Americana Group, the operator of KFC and Pizza Hut restaurants across the Middle East and North Africa, has kicked off what would be the first dual listing in Abu Dhabi and Riyadh, joining a rush of companies looking to go public before year-end. Americana Restaurants International, owned by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, received approval to sell a 30 per cent stake, or 2.53 billion shares, the kingdom’s Capital Market Authority said in a statement on Monday. First Abu Dhabi Bank, Goldman Sachs Group and SNB Capital are working on the initial public offering, which could raise about $1bn and value Americana at as much as $8bn, reported in April. Americana is set to be the first company to have shares traded in both Abu Dhabi and Saudi Arabia, after the Tadawul exchange encouraged firms for years to dual list. The firm is part of a late-year rush of IPOs in the Middle East even as markets worldwide are hit by inflation fears and the risk of an economic slowdown. A surge in oil prices at the start of 2022, as well as increased investor inflows, led to a flurry