Riyadh-Mubasher: Saudi Agriculture and Livestock Co. (SALIC) has signed an agreement to acquire a 19.95% stake in Brazil-based Minerva Foods Co. for a total of SAR 707 million ($188.4 million).
“SALIC UK is looking forward to supporting Minerva in realising its plans to expand its operations into new markets, especially the Middle East,” said Abdullah Aldubaikhi, CEO of SALIC.
He added that the deal will be completed during the first quarter of the fiscal year 2016, noting that the volume of trade exchange between Saudi Arabia and Brazil rate exceeded SAR 12 billion riyals during the last three years.
The Brazilian company provides high-quality meat products in line with Islamic standards. It is listed on the Brazilian stock market, with annual sales exceeding 7 billion Brazilian riyals. Minerva exports its products to more than 100 countries around the world.
