Saudi Arabia’s SALIC, Brazil’s Minerva Buy Australian Lamb Company for about $260 Mln

SALIC and Minerva Foods announce the acquisition of the Australian Lamp Company. (SALIC)
SALIC and Minerva Foods announce the acquisition of the Australian Lamp Company. (SALIC)
TT
20

Saudi Arabia’s SALIC, Brazil’s Minerva Buy Australian Lamb Company for about $260 Mln

SALIC and Minerva Foods announce the acquisition of the Australian Lamp Company. (SALIC)
SALIC and Minerva Foods announce the acquisition of the Australian Lamp Company. (SALIC)

The Saudi Agricultural and Livestock Investment Company (SALIC), owned by the Saudi Public Investment Fund, and Brazilian meatpacker Minerva has acquired the Australian Lamb Company (ALC) for 970 million riyals ($258 million), SALIC said in a statement on Friday.

The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva Foods, SALIC said.

According to a securities filing, following the deal Minerva will hold about 15% of the lamb and sheep market in Australia, where it already owns Shark Lake and Great Eastern Abattoir.

"We believe the consolidation of our operations in Australia, the investments in improving facilities and maximizing operational and commercial structures would bring significant synergies in the coming months," Minerva said.

Australian Lamb Company has a slaughtering capacity of 3.78 million animals per year and owns two processing plants in the state of Victoria, Minerva noted, adding that exports account for 93% of its sales.

"The acquisition of ALC in partnership with Minerva Foods is in-line with SALIC's strategy to contribute to the national food security objectives through global diversified investments in countries with competitive advantage such as Australia," Sulaiman Al Rumaih, CEO of SALIC group said.

The Brazilian company expects the deal to improve its penetration in niche markets and expand its portfolio of products with greater added value.

SALIC, which was formed in 2011 to secure food supplies for the Kingdom through mass production and foreign investments, owns 31% of the share capital of Minerva.



Lebanon Receives $250 million World Bank Loan to Ease Power Problems

A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
TT
20

Lebanon Receives $250 million World Bank Loan to Ease Power Problems

A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir

The World Bank has granted Lebanon a $250 million loan aimed at helping alleviate persistent power cuts worsened by last year's war between Israel and Hezbollah, the country's finance ministry said on Thursday.

Even before the conflict, Lebanon had for years been struggling with a severe shortage of imported fuel and poor infrastructure.

Following the conflict, however, the World Bank said it would need around $11 billion for reconstruction and recovery, Reuters reported.

The fighting between the Iran-backed group and Israel ended for the most part in November through a brittle ceasefire brokered by the United States, though the two sides accuse each other of failing to fully implement the deal.

Lebanon had said it received preliminary approval to increase a World Bank reconstruction loan to $400 million from $250 million. The loan is part of a $1 billion reconstruction program, with the remainder of the financing to come from international aid.