Riyadh - Mubasher: Saudi Agricultural and Livestock Investment Company (SALIC), owned by the Saudi Public Investment Fund (PIF), raised its stake in Brazil’s Minerva Foods to 33.83% from 25.5%, Saudi Press Agency (SPA) reported on Wednesday.
The investment comes within the framework of SALIC’s contribution to achieving the objectives of the kingdom’s food security strategy.
Minerva Foods is one of the South American leaders in the production and sale of fresh beef and its byproducts, as well as live cattle exports, and it also maintains operations in the beef processing segment. It is the second-largest meat exporter in Brazil with more than 1 million tonnes of meat produced. This year, it exported 750,000 tonnes of red meat to more than 100 countries worldwide.
SALIC’s partner in Minerva Foods, VDQ, supports this investment and considers it an asset to bolster SALIC’s performance and results.
Founded in 1992, Minerva Foods manages various factories in South America and is listed on Brazil’s stock exchange. It recorded revenues worth BRL19 billion during the 12 month period ended on 30 June 2020.
Noteworthy to mention, Saudi consumes 550,000 tonnes of red meat every year, of which 70% is imported.
