Yum Brands (NYSE:YUM) contains some of the biggest restaurant names on the planet. KFC and Pizza Hut are there for starters, and the company’s major franchisee in the Middle East and North Africa just sent the whole Yum Brands label up thanks to its outstanding success. Yum is up 1.29% in afternoon trading today.
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It’s a modest jump for Yum, but it’s a giant leap for its franchisee, Americana Restaurants. The company trades simultaneously on the Abu Dhabi Securities Exchange and the Saudi Arabia stock exchange, Tadawul.
Shares of the company at one point jumped to 2.95 dirhams ($0.80 U.S.) on the Abu Dhabi exchange. That represented a 12.6% increase at one point. Meanwhile, in Riyadh, the company also gained ground. It reached 2.75 riyals ($0.73 U.S.) per share at one point, which was a 2.6% premium over the IPO price of 2.68 riyals. Ultimately, the concurrent release allowed Americana to realize a $1.8 billion IPO, which reflects nicely on Yum Brands.
Yum Brands insiders also seem pleased with the company’s progress. In the last three months, insiders picked up an extra $268,700 worth of shares. That tilts the company’s confidence signal to Positive overall.
