Saturday, October 28, 2023

Saudi Arabia partners with Brazilian firm to enhance food security

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Saudi Agricultural and Livestock Investment Co., owned by the Kingdom’s sovereign wealth fund, and South American company Marfrig Global Foods SA have committed to purchasing shares in a potential new offering worth $900m by BRF SA, Brazil’s largest poultry producer. BRF stated that SALIC has offered to subscribe to 50% of the total offer or 500 million new shares. Marfrig Global Foods SA, which owns 33% of BRF, has pledged to buy the remaining 250 million shares. The offer must be priced at no more than 9 reais ($1.8) per share, which would represent a 23.8% premium over its closing price of 7.27 reais on Tuesday, according to BRF. BRF’s board of directors has already approved engaging a financial adviser to analyze the move.

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