Based on this, the UAE’s retail supply is increased from 5% to 10% of the total supply so that it becomes equal to the size of the retail slice in the Saudi Arabian market
The KSA retail offer remains unchanged at 10% of the total supply
The Institutional Offer is reduced from 85% to 80% of the Total Offer
The overall size of the Offering remains unchangedrepresenting 30% of the issued share capital of the Company
Abu Dhabi and Riyadh: Americana Restaurants International Plc (“American Restaurants“, the “Company“or the”Band), the largest out-of-home and fast-food operator in the Middle East, North Africa and Kazakhstan, announces that it has increased the UAE’s retail offering for its IPO (“Initial Public Offering“or the”Offer”), from 5% to 10% of the Total Supply so that it becomes equal to the size of the KSA Retail Supply.
The KSA retail supply remains unchanged at 10% of the total supply, while the institutional supply will increase from 85% to 80% of the total supply. The adjustment to the structure of the offering was made after obtaining the necessary regulatory approvals from the Securities & Commodities Authority (“SCA”) in the United Arab Emirates and the Capital Market Authority (“CMA“) in Saudi Arabia.
The subscription periods will remain unchanged and will continue until November 21, 2022 for individuals and other investors in the United Arab Emirates and Saudi Arabia (the “Retail offer in the UAE” and the “Saudi Arabia retail offer” respectively); and until November 22, 2022 for the offering to qualified institutional investors in a number of countries, including the United Arab Emirates and Saudi Arabia (the “Institutional offer”). The Offering will be made through a simultaneous dual listing process on the Abu Dhabi Stock Exchange (“ADX”) and the Saudi Stock Exchange (the “Saudi exchange”).
Adeptio AD Investments Ltd., the selling shareholder, plans to sell 2,527,089,930 existing common shares (the “Offer shares”) in the Offering, each with a nominal value of AED 0.073 (equivalent to SAR 0.075), representing 30% of the issued share capital of the Company. Thus, the UAE retail offer will now be for 252,708,993 ordinary shares, the Saudi Arabia 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 AED 2.50/SAR 2.55 and AED 2.62/SAR 2.68 per share offered, 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 November 23, 2022.
Completion of the Offer and admission of the Offered Shares to listing and trading on ADX and the Saudi Stock Exchange is currently expected to occur on or about December 6, 2022, subject to market and market conditions. obtaining relevant regulatory approvals in the United Arab Emirates and Saudi Arabia, including approval for admission.
All documents relating to this transaction are available at www.americanarestaurants.com/ipo/.