International Holding Company (IHC) has completed new deals in South America to secure a nearly 15% stake in processed food company Grupo Nutresa, the largest in Colombia.

The deals included a share swap transaction and an open market offer in the Latin American state, the Abu Dhabi conglomerate said in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Friday.

The latest transactions were completed less than two years after the UAE company made its foray into the Colombian market.

Through its wholly owned subsidiary IHC Capital Holding, IHC has transferred its 2.03% stake in Grupo de Inversiones Suramericana SA, and in return received a 2.45% stake in Grupo Nutresa, which is headquartered in Medellin.

The Abu Dhabi firm, through its wholly owned 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.

“Post the completion of the … transactions, IHC’s effective stake in Grupo Nutresa SA is 14.83% (equivalent to 67,907,680 shares),” the filing said.

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 UAE company’s subsidiaries.

(Writing by Cleofe Maceda; editing by Seban Scaria)