Saudi investment firm SALIC said on Wednesday it had increased its stake in Brazilian meat company Minerva Foods to 33.83% from 25.5%.
SALIC, the Saudi Agricultural and Livestock Investment Co, fully owned by the Public Investment Fund, was launched in 2012 to secure food supplies for Saudi Arabia through mass production and investment.
"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," the Saudi-based Company said in statement.
This comes as Saudi Arabia consumes 550,000 tonnes of red meat a year, of which 70% is imported.
Since its formation 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.
In 1992, the Brazilian Group began to invest in the industrialization of beef and beef products, offering high quality meat. It currently operates 25 factories in South America.
In addition to its operational units in South America, Minerva Foods also has commercial offices in 9 countries to provide differentiated service in these regions.
