RIYADH: The Public Investment Fund (PIF) is to acquire a 50 percent stake in a UAE firm which last month took control of Kuwaiti food giant Americana.
Through a wholly owned subsidiary, the PIF will obtain the share in Adeptio Holdings from Mohammed Al-Abbar, the head of Dubai property giant Emaar.
An Adeptio Holdings subsidiary, Adeptio, in October completed the nearly $2.4-billion deal for 67 percent of Americana, the group that brought more than a dozen major food brands including Pizza Hut, KFC, Costa Coffee and TGI Friday’s to the Middle East.
This is the latest major PIF venture since Riyadh in April announced its Vision 2030 plan to diversify the economy.
“Following the acquisition of this stake in Americana, Adeptio will launch a mandatory tender offer for the remaining shares in Americana held by public shareholders,” the PIF said in a press release.
It said the transaction “forms part of the Public Investment Fund’s efforts to increase investment in non-oil sectors and build a portfolio that has greater geographical and asset class diversification, and which delivers attractive long-term financial returns for Saudi Arabia.”
San Francisco-based Uber, the smartphone app that connects passengers and drivers around the world, said in June that the PIF would inject $3.5 billion into the firm to help its global expansion.
Last month, Japan’s Softbank said the PIF could contribute $45 billion to a new technology investment fund they are setting up in partnership.
PIF buys 50% stake in Gulf food giant Americana
PIF buys 50% stake in Gulf food giant Americana
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
