Brazil's BRF wants to keep Qatar group as partner in TBQ Foods -CFO (updated)

Banvit Bandirma Vitaminli Yem Sanayi AS

30/11/2021 16:08

(Adds details from interview with BRF executive)
    By Ana Mano
    SAO PAULO, Nov 30 (Reuters) - Brazilian food processor BRF
 BRFS3.SA  wants to persuade the Qatar Investment Authority
(QIA) to remain a partner in TBQ Foods and maintain their 40%
stake in the company, according to a BRF executive.
    In a brief telephone interview on Tuesday, BRF Chief
Financial Officer Carlos Moura said a put option for QIA's stake
in TBQ would make BRF have to pay about 468 million reais
($83.80 million) for the stake, based on third-quarter financial
information. BRF currently owns 60% of TBQ.
    "It is a privilege for a company to have a sovereign
investment fund as a partner," Moura said.
    "They are excellent associates and have been helping us to
expand the company," Moura noted, referring to Banvit, a leading
chicken meat producer based in Turkey which is controlled by TBQ
through a 91% stake.
    The executive said that BRF has enough cash on hand to pay
for the stake if QIA decides to quit the investment, with
minimum impact on debt metrics. 
    He declined to discuss whether QIA would agree with keeping
a smaller stake in TBQ or any other arrangement as the details
of the ongoing negotiations are confidential. 
    In a securities filing earlier in the day, BRF said QIA
agreed to extend the deadline to eventually exercise the put
option related to TBQ to December 15.  urn:newsml:reuters.com:*:nFWN2SL0T4
    
  
($1 = 5.5850 reais)

 (Reporting by Ana Mano; Editing by David Gregorio)
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob:
+55-119-4470-4529; Reuters Messaging:
ana.mano.thomsonreuters.com@reuters.net))