Kuwait Food Company's (Americana) [FOOD.KK] shareholders approved the distribution of 1.33 shares for every Americana share held (ex. treasury shares) in the wholly-owned subsidiary National Gulf Holding (worth KWD52mn) with the ex dividend date on 25 April. Its not clear what the activities are of the subsidiary, but it is likely to be part of a plan to exclude some assets ahead of the planned sale of the company. Market murmurs say that the company's investment book (KWD53mn as per the last published financials) will be transferred to the unlisted company as the buyer (Adeptio) is not interested to acquire it. According to a back of the envelope calculation the investment book matches the value of new shares being issued in the subsidiary. American's chairman was quoted as saying that he sees no impediments to the acquisition earlier this week. Also, shareholders also approved a 100 fils DPS based on 2015 earnings at the company's AGM held on 24 April 2016 (ex-dividend date 25 April). (Company Disclosure, Hatem Alaa)