Abu Dhabi's IHC Inks Share Swap Agreement With Colombian Businesses
To increase its holdings in South America, International Holding Company has signed a framework agreement for a share swap with Colombian companies. In exchange for its 1.64 percent share in Grupo Sura, a Latin American investment manager with a concentration on financial services, IHC Capital, a division of IHC, would acquire a 2.45 percent ownership in Grupo Nutresa, one of Colombia's largest food processing firms.
IHC Capital collaborated with Grupo Nutresa, Grupo Sura, Grupo Argos, a Colombian conglomerate with holdings in the cement and energy sectors, as well as other corporate partners, last month.
“Thereafter, Argos and Sura will launch a tender offer, whereas any shares purchased through the tender offer in excess of 46,222,110 by Sura and Argos shall be repurchased by IHC in cash … at a price of $12 per share,” IHC said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
In October, the company entered the Colombian market when IHC Capital spent Dh734 million ($200 million) to buy a 49.99% share in Lulo Colombia, the holding company for the nation's first licensed digital bank, Lulo Bank. According to the statement, IHC, one of the most valued firms in the UAE, is completing all necessary formalities and getting all necessary corporate and regulatory authorizations for the agreed agreements, including the endorsement of the Colombian Superintendence of Finance.
In close to 20 nations across Asia, Africa, Europe, North America, and South America, the corporation has investments in sustainable energy, food and agriculture, health care, real estate, information technology, and artificial intelligence.Due to outstanding results across key areas, the company announced a more than 63% increase in first-quarter net profit.