The Arabs kept 67 million shares of Grupo Nutresa, the main partners of Colombian magnate Jaime Gilinski.
International Holding Company (IHC) closed new agreements in the country to secure a stake of almost 15% in the processed food company Grupo Nutresathe largest in Colombia.
Arab partners at Nutresa
The deals included a share exchange transaction and an open market offering in Colombia, the Abu Dhabi conglomerate said in a disclosure on the Abu Dhabi Stock Exchange (ADX) on Friday.
The latest transactions were completed less than two years after the United Arab Emirates company entered the Colombian market.
Through its wholly owned subsidiary IHC Capital Holding, IHC transferred its 2.03% stake in Grupo de Inversiones Suramericana SA and in exchange received a 2.45% stake in Medellín-based Grupo Nutresa .
The Abu Dhabi firm, through its subsidiary Graystone Holdings, also launched an open market offer to acquire shares of Grupo Nutresa, resulting in the acquisition of an additional 12.38% stake in Nutresa.
“After the completion of the… transactions, IHC’s effective participation in Grupo Nutresa SA is 14.83% (equivalent to 67,907,680 shares)”says the document.
Nutresa shares have fallen about 20% this year. The non-payment of the annual dividend influenced the fall.
In October 2022, IHC invested AED 734 million ($200 million) in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, Lulo Bank, through one of the company’s subsidiaries in the United Arab Emirates.
The Arabs trust in the management capacity of Jaime Gilinski, now perhaps the richest man in Colombia.
This important business group from Abu Dhabi will be awaiting new investments in Colombia.
Read more: Gabriel Gilinski’s response to a superb Nutresa shareholder.
