Kuwait – Mubasher: Kuwait Food Co (Americana) said the deal regarding selling its stake owned by Al Khair for Stocks and Real Estate is on track and wasn’t cancelled.

Last June, Investment firm Adeptio, which is led by prominent Dubai businessman Mohamed Alabbar, agreed to buy 69 percent of Americana from Al Khair for Stocks and Real Estate, which is controlled by the Kharafis, a wealthy merchant family.

Americana, which owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods, has been up for sale since early 2014.

The stake would be worth $2.15 billion based on Americana's current market value of $3.11 billion, according to earlier news reports.