The Saudi Agricultural and Livestock Investment Company, SALIC, fully owned by the Public Investment Fund, announced the increase of 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 Saudi-based Company issued a statement saying, “Minerva Foods is one of the largest meat production companies in South America and the second-largest exporter in Brazil as it produces more than one million tons of meat annually. Minerva Foods mainly serves the demands of foreign markets and during this year, it has already exported 750,000 tons of red meat to more than 100 countries around the globe.”
SALIC added, “SALIC’s partner, VDQ Holdings supports this investment and sees it as a sign of further support to the growth of Minerva Foods”
SALIC further mentioned, “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 30th, 2020.”
The Brazilian company has been a public joint-stock company since 2007 and is listed on the Brazilian stock market.
It is worth noting that the Kingdom consumes 550,000 tons annually of red meat, of which 70% is imported.
Since its inception in 2012, SALIC has been operating in the agricultural and livestock investment sector and working 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. SALIC’s strategic goal is to secure imports for a specific group of basic food commodities for the Kingdom.