By Hadeel Al Sayegh
DUBAI – The Center East and North Africa franchisee of fast-food eating places KFC and Pizza Hut has added HSBC to its syndicate of advisers for its potential twin itemizing this 12 months, two sources conversant in the matter advised Reuters.
Americana Group has employed HSBC as a joint bookrunner on the preliminary public providing (IPO), which may worth the corporate as a lot as $8 billion, stated the sources, declining to be named because the matter isn't public. One of many sources stated extra bookrunners might be added.
Americana, which is contemplating a public share sale within the United Arab Emirates and Saudi Arabia, and HSBC didn't instantly reply to requests for remark.
Americana has picked Goldman Sachs, Morgan Stanley, First Abu Dhabi Financial institution (FAB) and Saudi Nationwide Financial institution (SNB) as joint international coordinators for the deal, separate sources advised Reuters in April.
Rothschild & Co is working as monetary adviser on the IPO, different sources advised Reuters in April.
Americana is owned by Saudi Arabia’s Public Funding Fund (PIF) and an funding consortium led by Dubai businessman Mohammed Alabbar, founding father of Dubai-listed Emaar Properties.
Americana was based in Kuwait in 1964 and operates 1,800 eating places throughout the area, in line with its web site. It operates the franchises for KFC, Pizza Hut, Hardee’s and Krispy Creme, amongst others.
Gulf issuers have raised over $11 billion within the first half of this 12 months from IPOs, in line with knowledge from Refinitiv, exceeding European flotations at the same time as international markets stay unstable within the wake of Russia’s invasion of Ukraine.
Gulf markets are extremely correlated to grease costs, the place Brent crude is buying and selling above $100 a barrel.
Saudi Arabia’s Tadawul fairness index is up 9% this 12 months, whereas Abu Dhabi’s essential benchmark is up greater than 15% and Dubai is up over 5%.
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