Savola Group, a Saudi Arabian food producer, has held discussions with Kuwait Foods, also known as the Americana Group, to buy a stake in the company, it said yesterday.
The talks have not yet led to a “fundamental development”, but the two companies have signed a disclosure agreement, Savola said.
Americana, which owns exclusive rights to franchise KFC and Pizza Hut across the Middle East, has been seeking a private-equity suitor to buy a 66.8 stake in the business.
In April, Reuters reported that Americana had hired Rothschild to run the sale.
There is likely to be a further round of bidding, with three private equity groups having made offers for the business. Bloomberg reported that Americana was likely to fetch more than US$4 billion from buyers.
Advent International and TPG Capital have entered the first round of bidding for Americana, while KKR and CVC Capital Partners have made a joint bid, Bloomberg reported yesterday.
Americana recorded profits of $64 million on revenues of $814.1m in the first quarter.
Last year, the company earned profits of $178.9m from revenues of $3.06bn.
Americana’s shares, which are traded on the Kuwait Stock Exchange, gained 2.58 per cent on the news – but trading in the company’s shares was suspended after the disclosure.
Americana’s stock price has gained 26.19 per cent since the beginning of the year, and has outperformed the Kuwait Stock Exchange by 30.7 per cent.
The company, which was founded in 1964, has more than 1480 stores, and operates 17 factories, across the Middle East and North Africa.
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
