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·         Brazil's BRF Shares Rise 3.4% After Agreement With Saudi Fund

·         Brazil’s BRF, Saudi fund set up poultry joint venture

 

 

Brazil's BRF Shares Rise 3.4% After Agreement With Saudi Fund

 

By Jeffrey T. Lewis, Dow Jones Newswires 

via MarketWatch - Jan 13, 2022

 

SAO PAULO--BRF SA's shares rose 3.4% to 24.65 reais, the equivalent of $4.44, after the Brazilian food company said it signed an agreement with Saudi Arabia's Public Investment Fund to produce chicken in the Middle Eastern country.

 

Brazil's benchmark Ibovespa stocks index was down 0.5% at the same time. The company's shares closed at a one-year low of 3.38 reais on Dec. 1, 2021, down from its high for the period of 5.94 in mid-June.

 

BRF said Thursday it signed a non-binding memorandum...

 

more

https://www.marketwatch.com/story/brazil-s-brf-shares-rise-3-4-after-agreement-with-saudi-fund-271642080516

 

 

Brazil’s BRF, Saudi fund set up poultry joint venture

 

By Ross Hunting, Reuters

via Entrepreneur News (UK) - January 13, 2022

 

SAO PAULO, Jan 13 (Reuters) – Brazilian chicken and pork processor BRF SA BRFS3.SA signed a memorandum of understanding with Saudi Arabia’s sovereign fund to create a joint venture to make poultry products in the Middle Eastern country, it said on Thursday.

 

BRF said in a securities filing it will hold a 70% stake in the joint venture, while Saudi Arabia’s Public Investment Fund, known as PIF, will have the remaining 30%. Shares rose by 3.2% to 24.60 reais on the news.

 

The MOU is non-binding and aims to create a company that will produce and sell fresh, frozen and processed poultry products. BRF refused to provide additional details about the move as it is in a quiet period ahead of a shareholder vote on Monday to decide on a follow-on share offering.

 

The Brazilian company said the joint venture will require a $350 million investment if it materializes.

 

The move underscores BRF’s strategy to keep a relevant share of the so-called halal food market, where food must be prepared according to Muslim dietary requirements.

 

Brazil is the world’s biggest halal meat supplier, selling chicken and beef in profitable Islamic markets across the globe...

 

more

https://www.entrepreneurnews.co.uk/commodities/brazils-brf-saudi-fund-set-up-poultry-joint-venture/