BRF has been making an attempt to develop its presence within the Center East
1 November 2024
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Brazilian pork and hen processor BRF stated on Thursday that BRF Arabia, its three way partnership with Halal Merchandise Improvement Firm, has signed an settlement to purchase a 26% stake in Saudi poultry firm Addoha, reported Reuters.Â
BRF is without doubt one of the world’s largest meat producers and has been making an attempt to develop its presence within the Center East.
In keeping with a securities submitting by BRF, the transaction has a complete worth of 316.2 million riyals ($84.2 million).
Out of that complete, $57.6 million might be paid into Addoha.
“With this funding, the corporate takes an necessary step in consolidating its portfolio and operations within the Center East,” BRF stated within the submitting. “Moreover, the transaction consolidates BRF as one of many most important companions of Saudi Arabia in its meals safety agenda.”
“Via our expertise as a number one international chief in hen manufacturing, we purpose to contribute to Addoha’s growth in all facets of operations, from high quality and effectivity to innovation and sustainability,” stated BRF Arabia Chairman Igor Marti.
($1 = 3.7560 riyals)
