Alabbar Enterprises, an investment firm controlled by Mohammed Alabbar, the chairman of Dubais biggest property firm Emaar Properties, is taking a 4 per cent stake in fashion retailer Yoox Net-A-Porter (YNAP) and will help it expand in the Middle East.
The company is buying into a 100m ($113m) reserved capital increase at the YNAP, news agency Reuters cited the firm as saying. New shares sold in the capital increase have been priced at 28 per share, a premium of 5.7 per cent to the companys closing price on 18 April.
Alabbar is already leading a group of Gulf investors which has agreed to buy a controlling stake worth $1.7bn in Kuwait Food Company (Americana) from Kuwaits Al-Kharafi family.
UAE-based investment firm Adeptio has signed an initial agreement with Al-Khair Holding Company, which is owned by the Al-Kharafis, to buy its 69 per cent stake in Americana.
Apart from Alabbar, Adeptio represents other financial investors from the GCC.
Americana owns and operates the Middle East franchises of fast food chains KFC and Pizza Hut, and produces a range of branded consumer foods for markets across the region.
The deal is conditional on due diligence and it will also need the approval of Kuwaits capital market regulator. Adeptio plans to launch a mandatory offer to buy Americanas remaining shares under Kuwaiti securities rules, the firm said.