Kuwait Cement Co has announced it will sell its stake of Kuwait Food Company (Americana) to Adeptio. Gulf-based investment group Adeptio, led by prominent Dubai businessman Mohamed Alabbar, completed a majority stake in Americana for $2.35 billion last October.
The Adeptio consortium was then obliged to launch a mandatory offer to buy Americana's remaining shares under Kuwaiti securities rules. In January this year, Americana’s board endorsed an offer of KD 2.650 per share to minority shareholders.
Kuwait Cement Company confirmed to the Kuwait Stock Exchange that had decided to sell its stake in Americana to Adeptio for $4.46 million (KD 1.36 million). It did not say how many shares they will sell part of the deal nor the total of its holdings of shares in Americana.