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)
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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.



Industries in Oman, Netherlands, Germany Strike Deal for Liquid Hydrogen Import Corridor

An Hydrogen H2 logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
An Hydrogen H2 logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
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Industries in Oman, Netherlands, Germany Strike Deal for Liquid Hydrogen Import Corridor

An Hydrogen H2 logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
An Hydrogen H2 logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo

Major industrial groups from Oman, the Netherlands and Germany have signed an agreement for the development of the world’s first liquid hydrogen import corridor, Tata Steel Nederland said on Wednesday.
The corridor will link the port of Duqm in Oman, the port of Amsterdam in the Netherlands and key logistics hubs in Germany, including the port of Duisburg, the group said in a statement, Reuters reported.
It aims to enable the import of renewable fuel of non-biological origin (RFNBO) compliant liquid hydrogen to Europe, it added.
"In our role as a large potential buyer, we can contribute to the development of a sustainable economy based on green hydrogen in our region," said Hans van den Berg, the CEO of Tata Steel Nederland.
The agreement was signed by eleven parties in total, including Oman’s global integrated energy group, Tata Steel Nederland, the port of Amsterdam and Germany's Hamburger Hafen und Logistik.
It includes several infrastructure projects along the corridor, notably export and import facilities in the ports of Duqm, Amsterdam and Duisburg, as well as pipe and rail networks for the transport of gaseous and liquid hydrogen.
The deal was signed during the visit of the Sultan of Oman to the Netherlands.