International Holding Company has signed a framework agreement for a share swap with Colombian businesses as the Abu Dhabi conglomerate seeks to expand its assets in South America.
IHC Capital, a subsidiary of IHC, will receive a 2.45 per cent stake in Grupo Nutresa, one of the biggest food processing companies in Colombia, in exchange for its 1.64 per cent stake in Grupo Sura, a Latin American investment manager with investments focused on financial services.
Last month, IHC Capital partnered with Grupo Nutresa, Grupo Sura, Grupo Argos – a Colombian conglomerate with investments in the cement and energy industries, and other business shareholders.
“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.
The company made its foray into the Colombian market in October, when IHC Capital invested Dh734 million ($200 million) to acquire a 49.99 per cent stake in Lulo Colombia, the holding company of the country's first regulated digital bank, Lulo Bank.
IHC, one of the most valuable UAE companies, is completing all required procedures and obtaining all corporate and regulatory authorisations for the signed transactions, including the approval of the Colombian Superintendence of Finance, it said.
The company has investments in sectors including clean energy, food and agriculture, health care, real estate, information technology and artificial intelligence in nearly 20 countries across Asia, Africa, Europe, North America and South America.
The company reported a more than 63 per cent jump in its first-quarter net profit, driven by a strong performance across leading segments.
Net profit attributable to the owners of the company for the three months to the end of March reached Dh2.61 billion, up from Dh1.6 billion in the same period last year, IHC said.
Its revenue for the first quarter increased by 50 per cent to Dh15.7 billion.
IHC is expanding its portfolio by acquisition and investment as a strengthening dollar gives it more financial muscle.
The specs
The specs
- Engine: 3.9-litre twin-turbo V8
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Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Power: 261hp at 5,500rpm
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Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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How to turn your property into a holiday home
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
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Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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