Kuwait Food Co. has said it is not aware of any bids for a stake in the company after reports Saudi Arabia's Savola Group and Singapore investment fund Temasek Holdings had made an offer for the business.

The company, also known as Americana, was reported earlier this week to have received a joint bid from Savola and Temasek. Shares in the company rose 14% following the reports.

In a statement to the Kuwait Stock Exchange, Americana said the company did not have any developments or disclosure of information that would impact the stock market price or trading activity.

"With reference to what was published by some newspapers about the existence of talks with some foreign parties on the sale of Kuwait Food Company [Americana]…the company did not receive…any developments in this regard."

Speculation it was looking for a buyer began in April last year. In January this year, Kuwait Food Co's majority shareholder, Al Khair National for Stocks and Real Estate Co., owned by the al-Kharafi family, confirmed the company was still in talks with "several parties" regarding a sale of its stake after media reports claimed a sale was close to being put on hold as talks were faltering, partly due to differences on price.

Americana manufactures frozen foods including California Garden beans and Farm Frites, as well as being a franchise operator of some restaurants including KFC and Pizza Hut.

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By GlobalData