The stake amounts to 10.7%, compared to 1.27 billion riyals
Dubai – Al Arabiya.net
Posted on: July 19, 2023: 03:48 PM GST Last updated: July 19, 2023: 07:13 PM GST
SALIC, one of the Public Investment Fund companies, announced today, Wednesday, that it has acquired 180 million shares of BRF, the world leader in the poultry sector, with a stake of 10.7%, with a total investment of 1.27 billion Saudi riyals.
SALIC stated in a statement that this investment comes within the framework of its continued expansion to achieve its main roles in the field of food security globally and locally, emanating from the Kingdom’s Vision 2030 to support national development in the long term to ensure the sustainability of the availability of targeted basic food commodities.
SALIC seeks, through global investments and partnerships, to reach strategic commodities from its main sources and to benefit from the comparative advantage in producing commodities in those countries, as poultry is an important commodity in the Kingdom in light of the increasing population growth and the high rates of domestic consumption, which amounts to approximately 43 kilograms. annually per capita, while the Kingdom aims to continue raising the percentage of self-sufficiency in poultry compared to the current rate.
SALIC added that its investment in BRF will support its strategic directions to empower the local agri-food sector by contributing to addressing gaps along the value chain and benefiting from modern global expertise and technologies to raise the efficiency of local production and increase flexibility in facing challenges and the availability of products in the market. Domestic and reduce price fluctuations, in line with the national strategy for agriculture.
SALIC also confirmed that investing in the poultry sector is an extension of its investments in major international companies to access animal protein sources in an effort to achieve food security goals in this sector at the local and global levels, as it started in the year 2016 AD with a strategic investment and a qualitative partnership with the “Minerva Foods” company. The Brazilian company is one of the largest international companies in the field of red meat, in addition to its recent acquisition of a 42.4% stake in the Saudi “Naqwa” company, the world leader in the field of aquaculture.
It is noteworthy that the “BRF” company, which started its business 85 years ago, is the third largest poultry producer in the world, the second largest company for halal products in the world, and the first brand of poultry products in Brazil, with an annual production capacity of more than 5 million tons of products. diversified, and employs 90 thousand employees in 130 countries.
2023-07-19 11:48:00
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