IHC Capital Holding LLC, a subsidiary of the Abu Dhabi conglomerate International Holding Co (IHC), on Wednesday launched a tender offer to acquire, a minimum of 25% and a maximum of 31.25% of the shareholding in Colombia's food processing conglomerate Grupo Nutresa, for 10.2 billion dirhams ($2.8 billion).

The tender offer, made after it received the go-ahead from the Colombian Superintendency of Finance (Superintendencia Financiera de Colombia), comes nearly a month after the Abu Dhabi investor first launched its bid to buy a stake in Nutresa, headquartered in Medellín, Colombia.

Ahmad Ibrahim, IHC’s Head of Marketing and Corporate Communication, said in a statement that the results of the tender will be known by the end of the acceptance period of the tender offer, November 18, 2022.

The move comes as part of IHC's long-term investment and development plan in South America, selecting Colombia for the site of its new base in the Latin continent. Earlier this month, IHC entered into the South American market with an investment of $200 million in Lulo Colombia S.A., the holding company of Colombia's first regulated digital bank Lulo Bank S.A.

(Reporting by Brinda Darasha; editing by Seban Scaria)