Top F&B operator Americana Group has announced plans to sell 30 per cent of its share capital in IPOs, which will be listed on Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange by December 6.
Americana said it plans to sell 2.52 billion existing ordinary shares.
The public offering is expected to run from November 14 until November 21 for retail investors in the UAE and Saudi Arabia, and until November 22 for institutional investors.
Commenting on the launch of the IPO process, Americana Restaurants' Chairman, Mohamed Ali Rashed Alabbar, said, "A concurrent dual listing on ADX and the Saudi Exchange marks a first-of-its-kind transaction for both markets, and no company could be better suited than Americana Restaurants to carry this torch.
"With macroeconomic and demographic tailwinds that support our accelerating growth, this is an exciting time to be inviting investors in the UAE, Saudi Arabia and internationally to share in our onward journey of success."
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