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Kuwait’s Americana posts 4.3 pct Q1 net profit drop

Americana said in January that its major shareholder was still in talks with several parties about a sale process..

DUBAI, May 11 (Reuters) – Kuwait Food Co (Americana), whose biggest shareholder has been in talks with several parties to sell a stake in the firm in recent months, posted a 4.3 percent fall in first-quarter net profit on Monday.

The operator of restaurant franchises including KFC made a net profit of 17.3 million dinars ($57.3 million) in the opening three months of 2015, down from 18.1 million dinars in the prior-year period, it said in a bourse statement.

Americana, backed by Kuwait’s billionaire al-Kharafi family, said in January that its major shareholder was still in talks with several parties about a sale process.

Interest had come from private equity funds KKR and CVC, as well as Saudi food firm Savola, although sources had told Reuters earlier in the month that the sale had faltered over differences on price. ($1 = 0.3020 Kuwaiti dinars) (Reporting by David French; Editing by Andrew Torchia)