BRF and the Saudi Arabia Public Investment Fund (PIF) have completed the necessary requirements to form a joint venture for an endeavor involving halal poultry production.
According to an announcement on the BRF investor relations webpage, BRF and Halal Products Development Company, a wholly-owned subsidiary of the PIF, will begin “implementing the formalities to incorporate a legal entity in Saudi Arabia.” The terms of the agreement call for BRF owning 70% of the soon-to-be announced entity, while the PIF subsidiary would own the remaining 30%.
This announcement was dated on August 1, and signed by BRF Chief Financial and Investor Relations Officer Fabio Luis Mendes Mariano, who advised that the Brazil-based meat and poultry company would keep the market “informed about any relevant matter related to the present announcement.”
The joint venture has been in the works for roughly a year and a half, as BRF initially announced the two entities’ intent in January 2022.
In other recent news involving BRF and Saudi Arabia, The Saudi Agricultural and Livestock Investment Co. (SALIC) purchased 180 million shares of BRF stock in mid-July. That transaction was announced about two weeks after BRF announced that it was offering 600 million shares of the company’s common stock.
BRF also inaugurated a new Al Joody poultry plant in Damman, Saudi Arabia, in July 2022.
According to information from the WATTPoultry.com Top Poultry Companies Database, BRF slaughtered 1.732 billion broilers in the past year.
