Brazil's BRF, HPDC sign deal to buy stake in Saudi poultry firm Addoha

BRF SA

31/10/2024 13:33

SAO PAULO, Oct 31 (Reuters) - Brazilian pork and chicken
processor BRF  BRFS3.SA  said on Thursday that BRF Arabia, its
joint venture with Halal Products Development Company, has
signed an agreement to buy a 26% stake in Saudi poultry company
Addoha.
    
    WHY IT'S IMPORTANT 
    BRF is one of the world's largest meat producers and has
been trying to expand its presence in the Middle East.
    
    BY THE NUMBERS
    According to a securities filing by BRF, the transaction has
a total value of 316.2 million riyals ($84.2 million). 
    Out of that total, $57.6 million will be paid into Addoha. 
    
    KEY QUOTES
    "With this investment, the company takes an important step
in consolidating its portfolio and operations in the Middle
East," BRF said in the filing. "Additionally, the transaction
consolidates BRF as one of the main partners of Saudi Arabia in
its food security agenda."
    "Through our experience as a leading global leader in
chicken production, we aim to contribute to Addoha's development
in all aspects of operations, from quality and efficiency to
innovation and sustainability," said BRF Arabia Chairman Igor
Marti.
 ($1 = 3.7560 riyals)

 (Reporting by Luana Maria Benedito; Editing by David Holmes)
 ((LuanaMaria.Benedito@thomsonreuters.com; +551156447723;))