Brazil’S BRF Buys 26% Of Saudi Arabia’S Addoha
Date
10/31/2024 2:20:31 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Brazilian company BRF announced that its subsidiary in Saudi Arabia has acquired 26% of Addoha Poultry Company, a poultry processor in the Arab country. The purchase was made by BRF Arabia Holding Company, known as BRF Arabia, a joint venture with 70% ownership by BRF and 30% by Halal Products Development Company (HPDC), a subsidiary of the Saudi Public investment Fund (PIF).
BRF says the transaction amounted to SAR 316.2 million, equivalent to USD 84.3 million, of which SAR 216.2 (USD 57.6 million) will be injected into Addoha . The company also mentions that an agreement will be established between BRF Arabia and the current shareholders of Addoha, ensuring effective participation in management and that the know-how of BRF and HPDC contributes to maximizing synergies between the entities. The closing of this operation is subject to approval by regulatory authorities.
According to the statement released by BRF on Thursday (31), this investment marks an important step in strengthening its portfolio and operations in the Middle East, further establishing itself as a key partner in Saudi Arabia's food security agenda. The Brazilian company has been operational for fifty years and is a market leader with its iconic brands.
Read more:
Brazil's BRF, KSA's SALIC sign 200,000 tons deal
Translated by Guilherme Miranda
Reproduction/Instagram
The post Brazil's BRF buys 26% of Saudi Arabia's Addoha appeared first on ANBA News Agency .
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