International Holding Co. eyes minority stake in Colombia’s largest food company Grupo Nutresa

COLOMBIA- International Holding Co., an Abu Dhabi investment company, is seeking to acquire a small equity share in Grupo Nutresa, Colombia’s largest food company.

International Holding (IHC) stated in a filing with the Abu Dhabi Stock Exchange that it is targeting a 25% to 31.25% interest in Nutresa through a tender offer priced at US$15 per share.

It mentioned in the filing that a request for authorization had been filed to the financial regulator, the Colombian Superintendency of Finance.

IHC was established in 1998 with the goal of diversifying and expanding non-oil commercial sectors in the UAE.

The business which is led by HH Sheikh Tahnoon bin Zayed Al Nahyan generated AED28.5 billion (US$7.7 b) in revenue in 2017.

The chairman occupies the same role at the Royal Group, an Abu Dhabi corporation that also participates in the Nugil investment vehicle headed by Jamie Gilinski, a Colombian banker and billionaire.

Since late last year, Gilinski has been seeking to increase his current 27.6% stake in meat-to-pasta manufacturer Nutresa to a majority stake through Nugil.

According to Colombian media sources from January of this year, he allegedly started a bid to purchase an additional 18.3% to 22.8%.

Grupo Nutresa views digital transformation as a dynamic organizational skill that begins with a person's ability to change and adapt to new tools and technology in order to create value.

Meanwhile, In April, Grupo Nutresa disclosed its consolidated earnings results as of March 31, 2022.

As of the end of the first quarter of 2022, Grupo Nutresa’s sales showed positive growth dynamics both in Colombia and abroad, amounting to COP 3,6 trillion (US$ 807m).

This represented a 27.0% increase in relation to the corresponding term in 2021. During the period, a two-digit growth was recorded across all Business Units and geographies.

In Colombia, sales were 26.5% higher than in 2021 and represented 61.4% of Grupo Nutresa’s total revenues.

For their part, international sales totaling grew by 27.7% and represented 38.6% of total sales.

Carlos Ignacio Gallego, CEO of Grupo Nutresa stated: “Thanks to the positive results that we presented during this period, we keep heading towards the achievement of the long-term objectives that we have set for ourselves as an Organization”.

Grupo Nutresa views digital transformation as a dynamic organizational skill that begins with a person’s ability to change and adapt to new tools and technology in order to create value.

Their strategy encourages the investigation of new business models that will fuel the company’s future expansion as well as the experimentation and use of new technologies in organizational processes that enhance agility, flexibility, and productivity.

The digitalization of their business processes and the growth of the supply chain enable them to improve their interactions with suppliers, clients, customers, and consumers.

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