Grupo Gilinski, a conglomerate owned by Jaime Gilinski, one of Colombia's richest men, had over the past year and a half acquired stakes in both Nutresa and Grupo SURA alongside Arab partners such as Abu Dhabi's Royal Group and IHC Capital Holding LLC.
Grupo Gilinski on Wednesday signed a memorandum of understanding (MoU) to divest its stake in investment holding company Grupo SURA and hold at least an 87% stake in processed food producer Nutresa.
The MoU involved Aflaj Investment LLC and industrial conglomerate Grupo Argos, Nutresa said in a filing, as well as JGDB Holding SAS and Nugil SAS - both part of Gilinksi's conglomerate.
The suspension of trading in the three companies' shares will remain in place through June 15, the Colombian Stock Exchange said in a statement.
Nutresa, Grupo SURA and Grupo Argos are part of what is informally known as GEA, the country's largest conglomerate made up of over a hundred firms across all sectors in a complex shareholding arrangement involving many internal partnerships.
The agreement between Gilinksi and GEA takes place amid a number of legal disputes over alleged wrongdoing during takeover bids.
Under this agreement, JGDB and Nugil would acquire a controlling stake of no less than 87% in Nutresa, the food company said in a filing.
(Reporting by Nelson Bocanegra; Writing by Oliver Griffin; Editing by Andrea Ricci)