Middle East KFC Operator Set for Abu Dhabi, Riyadh Dual Listing
- Saudi regulator approves IPO; owners set to sell 30% stake
- Americana would be first dual listing on the two exchanges
Photographer: Daniel Acker/Bloomberg
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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 Plc, 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% stake, or 2.53 billion shares, the kingdom’s Capital Market Authority said in a statement on Monday.