The Saudi Agricultural and Livestock Investment Co. (SALIC), a fully-owned subsidiary of the Public Investment Fund, raised its stake in the Brazilian meat company, Minerva Foods, from 25.5% to 33.83%.
This move highlights SALIC's eagerness to meet the objectives set by the Kingdom's food security program, the company said in a statement.
“SALIC’s partner, VDQ Holdings supports this investment and sees it as a sign of further support to the growth of Minerva Foods,” the Saudi company said.
"The Brazilian company, Minerva Foods, founded in 1992, operates 25 slaughterhouses and three processing plants in South America with revenues amounting to 19 billion Brazilian Reals during the last 12 months ending on June 30, 2020,” the statement added.
The Brazilian company is a public joint-stock company since 2007, listed on the Brazilian stock market.
Saudi Arabia consumes 550,000 tons annually of red meat, of which 70% is imported.
According to Argaam’s data, since its inception in 2012, SALIC has been operating in the agricultural and livestock investment sector. It operates in countries that have comparative advantages, enabling it to meet the objectives set by the food security program through foreign investments, the provision of food products, and working with relevant government agencies to stabilize food commodity prices in the Kingdom.
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