Americana targets up to 300 restaurants annually; no current plans to float Noon shares: Alabbar

Americana Restaurants International Chairman Mohamed Alabbar

Americana Restaurants International aims to open 200 to 300 branches annually, Chairman Mohamed Alabbar told Asharq News.
 

He added that investors' turnout for Americana's initial public offering (IPO) motivates it to increase the number of restaurants to be opened annually, in addition to looking for more investment opportunities.
 

The region's restaurant market is estimated at nearly $55 billion, of which the company dominates nearly $2 billion. "This share is "small"; hence I see the growth in this area strong. We also consider new activities in Saudi Arabia, the UAE, Kuwait and Egypt."
 

Americana's financial position is good, Alabbar said. "Given the company's ratio of liquidity to loans, the situation bodes well," he noted.
 

Large part of the firm's H2 2022 earnings will be distributed to shareholders, the Chairman said, adding that the company will almost distribute 50% of earnings in 2023.
 

Commenting on offering Noon for public subscription, Alabbar said no plans to offer it soon. "It is too early to float the company, which was established almost six years ago. It is still developing."
 

Americana shares started trading on the Saudi Exchange (Tadawul) today, Dec. 12. The concurrent and dual listing in Saudi Arabia and the UAE is the first for Tadawul, which earlier accepted only Saudi companies, according to data available with Argaam.