Americana Group, one of the largest food companies and operators of restaurant chains in the Middle East, has reached a business volume of around $8 billion in Egypt, said a senior official on Sunday.
The company’s businesses in Egypt range from various restaurant chains and food products, operating more than 400 restaurants in the country, director of corporate finance and treasury Ahmed Ismail told Amwal Al Ghad.
The Egyptian Financial Regulatory Authority’s (FRA) rejection of Americana’s mandatory tender offer to acquire the remaining shares of the Egyptian Company for International Touristic Projects, won’t harm its expansion plans in the country, Ismail said.
In 2018, Americana offered to purchase 38.6 million shares or 90.3 percent in Egyptian Company for International Touristic Projects (Americana Egypt) at a price of 3.9 Egyptian pounds per share. However, FRA rejected in early April 2018 Americana Group’s offer, which included the fair value estimation study, on the grounds of being not in line with the financial evaluation standards.
The group filed a request to Egyptian Minister of Investment Sahar Nasr to interfere and solve a solution.
“Americana Group abides by all the Egyptian laws and will accept and implement any of the court’s decisions,” Ismail said.
Americana, majority owned by UAE’s Adeptio AD Investments, plans to launch a number of new restaurants and food products in Egypt within next year, he added.
The group’s most recent investments in Egypt were worth more than $40 million through establishing a new factory for its subsidiary, Farm Frites, on an area of 9,300 square metres, Ismail said.
