By: Ahmad Awad

Kuwait-Mubasher: Al Khair National for Stocks and Real Estate Company announced on Wednesday a preliminary conditional agreement to sell its 66.79% stake in Kuwait Food – Americana to Adeptio, an investment company which represents GCC investors led by Mohammad Ali Rashed Al Abbar who is the chairman of Emaar Properties.

Americana operates a chain of fast food franchises including KFC and Pizza Hut. The company’s market value amounts to KWD 763 million ($2.51 billion).

Kuwaiti Americana is facing the obstacle of securing the approval of NYSE-listed Yum Brands, the company which grants franchises. It’s noteworthy that the deal will not be sealed unless the American company grants its approval.

It is notable that Al Khair’s 66.79% stake in Americana, equivalent to a market value of KWD 510 million ($2.5 billion), is held in pledge by banks in return for loans granted to the stocks and real estate company.

The pledged shares of al-Khorafi’s subsidiary Al Khair are worth a total of market value of about KWD 1 billion, which accounts for 45% of the bourse’s pledged stocks.