Americana Restaurants International, the operator of KFC and Pizza Hut restaurant brands in the Middle East and North Africa, has secured approval from the Saudi financial regulatory authority for concurrent and dual listing in Saudi Arabia and the United Arab Emirates (UAE).

The company has received approval from Saudi’s Capital Market Authority (CMA) to sell 2.53 billion shares, representing 30% of the share capital.

With this approval, Americana Restaurants will become the first company to trade in both the UAE and Saudi Arabia exchanges.

Americana is owned by Saudi Arabia’s Public Investment Fund (PIF) as well as an investment consortium led by Emaar Properties founder Mohammed Alabbar, Reuters reported.

The restaurant company will publish its prospectus and prospectus supplement before the commencement of the subscription period.

In a statement, the Capital Market Authority said: “It is worth noting that this dual offering is the first of its kind in the Saudi Capital Market, and the decision to subscribe to foreign companies may involve high risk that require examining the number of regulations and instructions related to Saudi Capital Market and Abu Dhabi Securities Exchange.

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“Therefore, investors should carefully read the prospectus and prospectus supplement, which include detailed information on the company, the offering and risk factors.”

In August, Americana Restaurants entered a master franchise agreement with Peet’s Coffee to launch coffee bar operations in the Gulf Cooperation Council (GCC) region, Zawya reported.

 It agreed to launch Peet’s in the UAE in the fourth quarter of the year.