October 5, 2016 / 9:56 AM / 10 months ago

Kuwait's NIC says appointed to execute Americana deal

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DUBAI, Oct 5 (Reuters) - Kuwait's National Investments Co (NIC) said on Wednesday it was appointed to execute the purchase of a majority stake in Kuwait Food Co on behalf of one of its clients.

Adeptio, an investment group led by prominent Dubai businessman Mohammed Alabbar, is paying $2.4 billion to buy a 69 percent stake in Kuwait Food Co from the Kharafis, a wealthy Kuwaiti merchant family.

NIC will execute the purchase of 268 million shares of Kuwait Food Co, also known as Americana, at 2.650 dinars a share, NIC said in a bourse statement on Wednesday.

Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods. (Reporting by Ahmed Hagagy, Writing by Hadeel Al Sayegh; Editing by Andrew Torchia)

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