The main shareholder in Kuwait Food Co., Al Khair National for Stocks and Real Estate Co., has said it is reviewing its portfolio – including its stake in the food company.
Kuwait Food Co., also known as Americana Group, said Al Khair is seeking the help of its financial and legal advisers to look at its strategic options.
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It is the first time the firm has spoken out about a change in ownership since reports began circulating about its possible sale.
Last month, Saudi Arabia’s Savola Group had said it had held initial talks with one of Americana’s shareholders regarding the firm’s takeover. Americana, however, said it had “no knowledge” of any such dealings.
Americana’s food manufacturing arm produces brands including California Garden beans and Farm Frites frozen vegetables, supplying products to supermarkets across the Middle East. It is also a franchise operator of a number of restaurants across the region, including KFC and Pizza Hut.
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