Americana announces increase in number of shares for UAE retail offer


ABU DHABI, 18th November, 2022 (WAM) — Americana Restaurants International Plc announces that it has increased the UAE Retail Offer for its Initial Public Offering, from 5 percent to 10 percent of the total Offering so that it becomes equal to the size of the KSA Retail Offer.

The KSA Retail Offer remains unchanged at 10 percent of the total Offering, whilst the Institutional Offer will reduce from 85 percent to 80 percent of the total Offering. The adjustment to the Offering structure has been made after obtaining the necessary regulatory approvals from the Securities & Commodities Authority (“SCA”) in the UAE and the Capital Market Authority (“CMA”) in Saudi Arabia.

The subscription periods will remain unchanged and will continue until 21st November, 2022 for individuals and other investors in the UAE and Saudi Arabia (the “UAE Retail Offer” and the “KSA Retail Offer” respectively); and until 22nd November, 2022 for the offering to qualified institutional investors in a number of countries, including the UAE and Saudi Arabia (the “Institutional Offer”). The Offering will be conducted through a concurrent dual listing process on the Abu Dhabi Securities Exchange (“ADX”) and the Saudi Stock Exchange (the “Saudi Exchange”).

Adeptio AD Investments Ltd., the selling shareholder, expects to sell 2,527,089,930 existing ordinary shares in the Offering, each with a nominal value of AED0.073 (equivalent to SAR0.075), representing 30 percent of the Company’s issued share capital. As such, the UAE Retail Offer will now be for 252,708,993 ordinary shares, the KSA Retail Offer will be for 252,708,993 ordinary shares, and the Institutional Offer will now be for 2,021,671,944 ordinary shares.

The Offer Price Range has been set between AED2.50/SAR2.55 to AED2.62/SAR2.68 per Offer Share, implying an equity value for the Group of $5.73 billion to $6.01 billion. The Final Offer Price is expected to be announced on 23rd November, 2022.

The completion of the Offering and Admission of the Offer Shares to listing and trading on ADX and the Saudi Exchange is currently expected to take place on or around 6th December, 2022 subject to market conditions and obtaining relevant regulatory approvals in the UAE and Saudi Arabia, including approval of Admission.

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