SALIC acquired 20% of Brazil’s’ Minerva Foods for SAR 707 million
Saudi Agriculture and Livestock Co. (SALIC) has signed an agreement to acquire a 19.95 percent stake in Brazil-based Minerva Foods Co. for a total of SAR 707 million ($188.4 million).
The Brazilian company from a world leader in the field of red meat companies and is providing high-quality products in line with Islamic standards for meat (Halal), a company listed in the Brazilian stock market, with annual sales exceeding 7 billion Brazilian riyals and exports its products to more than 100 countries around the world.
The CEO of Saudi Agriculture and Livestock Co. Abdullah Aldubaikhi explained that SALIC is very pleased to be making this investment in Minerva, a company with a strong market position and prospects both in South America and internationally. SALIC UK is looking forward to supporting Minerva in realizing its plans to expand its operations into new markets and in particular in the Middle East.
He stated that The deal will be completion of the acquisition procedures during the first quarter of fiscal year 2016, noting that the volume of trade exchange between the Saudi Kingdom and Brazil rate exceeded 12 billion riyals during the last three years.