(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – A majority stake in the Brazilian-based grain export company Humberg Agribrasil Comércio e Exportação de Grãos S.A., aka Agribrasil , has been sold to a company owned by the sovereign wealth fund of Oman, an Arab country in the Gulf. The deal was entered into by Agribrasil majority stakeholder Frederico José Humberg and Solaris Brazil Trading Holding S.A., whose parent company is ME Solaris Commodities Holding, which in turn is owned by Oman's sovereign fund. The sale includes Agribrasil's TESC –Santa Catarina Terminal.

Agribrasil disclosed the deal as a material fact to its investors this Tuesday (29). It said ME Solaris Commodities Holding (Solaris) is a player in the global agricultural commodities market and one of the five leading wheat traders in the world.

“The investment will enable Solaris to enter Brazilian corn and soy sale markets, ensure access to port logistics infrastructure, diversify its commodity portfolio, and contribute to food security,” the business executive Humberg was quoted as saying.

According to its website, Agribrasil ranks among the five biggest grain exporters in Brazil. In the first quarter of this year, it sold 1.016 million tons of grain, up 75% from a year ago, with net income up 302% to BRL 1.361 billion.

The company deals primarily on corn and soy, and exports make up the bulk of its business – at 97% of shipped volume. The Middle East and North Africa (MENA), where Oman is, accounts for 58% of sales, with Asia at 39% and Brazil at 3%.

Translated by Gabriel Pomerancblum

TESC

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