Americana Restaurants opens door to dual listings and announces future dividends

Americana Restaurants International Plc, the largest operator of outdoor and quick service restaurants in the Middle East, North Africa, and Kazakhstan, has announced its plan to float its shares on the Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange (Tadawul) through a concurrent dual listing.
Adeptio AD Investments Ltd. (the selling shareholder) intends to offer about 2.53 billion ordinary shares, which represents 30% of the total issued share capital of the company.
First Abu Dhabi Bank was appointed jointly with FAB Capital and Goldman Sachs International in conjunction with Goldman Sachs Saudi Arabia, Morgan Stanley, and Co. International in conjunction with Morgan Stanley Saudi Arabia, and SNB Capital as joint global coordinators and financial advisors.
In the UAE, First Abu Dhabi Bank has been appointed as the main subscription-receiving bank, Abu Dhabi Islamic Bank and Al Maryah Community Bank have been appointed as the receiving banks, while the Saudi National Bank, Al Rajhi Bank, Riyad Bank, Alinma Bank, and Arab National Bank are appointed in the Kingdom of Saudi Arabia as receiving banks.
The first positive signs of the offering and dual listing are demonstrated by the intention of Americana Restaurants to maintain a strong dividend policy, aiming to distribute dividends amounting to 75% of net profit attributable to the parent for the six-month period ending on December 31, 2022. It is expected that the payment of dividends will take place before June 30, 2023.
The company also expects, from 2023 onwards, to adopt an annual dividend distribution policy, whereby Americana Restaurants aims to distribute at least 50% of net profit attributable to the parent, as well as any additional cash not allocated for general corporate purposes, growth investments, or merger and acquisition activities.
The company said that the dividends for the year ending December 31, 2023, will be paid in full during the six-month period ending June 30, 2024.