Kuwait food firm Americana says deal off to sell big stake
Posted May 29, 2016 7:00 am
KUWAIT CITY (AP) - Kuwait Food Company says a planned deal involving the sale of a majority stake in the company has been called off after the parties involved failed to reach an agreement.
The company, better known as Americana, made the announcement in a stock exchange filing Sunday.
The investor group Adeptio announced plans to buy a majority stake in Americana from Al-Khair investment company in February for an undisclosed sum. Adeptio is led by the chairman of Emaar Properties, developer of Dubai's record-breaking Burj Khalifa skyscraper.
Americana operates Mideast franchises of Pizza Hut, KFC, Krispy Kreme and other well-known Western brands.
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