Americana expects dual listing on Tadawul, ADX to start on Nov. 14, stock debut by Dec. 6

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Americana Restaurants International Plc announced its intention to float shares on the Saudi Exchange (Tadawul) and Abu Dhabi Securities Exchange (ADX) in a concurrent dual listing.

The company said it intends to offer 2.527 billion common shares, representing 30% of share capital.

The offering is expected to run from Nov. 14 until Nov. 21 for retail investors in the UAE and Saudi Arabia, and from Nov. 14 until Nov. 22 for institutional investors.

The stock trading will likely begin on both markets on or around Dec. 6, 2022.

The offering price will be determined after the book-building process, and retail investors will subscribe for shares at the offer price.

The Capital Market Authority (CMA) recently approved the company’s request for a concurrent dual listing on the Saudi and UAE markets by floating 2.527 billion shares, or 30% of its share capital, according to Argaam.

In 2016, Dubai-based businessman Mohamed Alabbar's Adeptio AD Investments SPC Ltd. acquired a majority stake in the company. In November 2016, the Public Investment Fund (PIF) took a 50% stake in Adeptio.

Founded in Kuwait in 1964, Americana operates more than 1,800 restaurants across the region, as well as 25 food production sites across the UAE, Saudi Arabia, Kuwait and Egypt.

The company was delisted from Boursa Kuwait on April 23, 2018.

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