The firms from Brazil and Saudi Arabia entered into a strategic agreement allowing BRF to sell up to 200,000 tons to SALIC whenever there is a food emergency in the Arab country.
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SALIC and Marfrig committed to buying 500 million new BRF shares, resulting in a capital injection of BRL 4.5 billion (about USD 889.67 million).
Brazilian firm reported it has entered an agreement with Salic UK, a Saudi Arabia’s Salic subsidiary, to sell as much as 25,000 tons of products a year. A memorandum has also been signed for potentially doing business in Australia.
The company redirected part of the cuts from Brazilian plants that used to go to Russia to the region. The Russian market still hasn’t lifted the ban to Brazilian beef imposed at the end of last year.
