One of the biggest food companies in the world, Brazil’s BRF SA has bought Joody Al Sharqiya food production facility from Hungry Bunny Ltd and other firms in Saudi Arabia or an estimated amount of $8 million.
Saudi’s Food and Meat Processing Company, Joody Al Sharqiya has a facility in Dammam, whose collection includes breaded and marinated cuts and burgers. The deal was conducted through Badi Limited, a wholly-owned subsidiary of BRF.
Carlos Alberto Bezerra de Moura, CFO – BRF SA,
“BRF plans to invest around $7.2 million in the Dammam plant in order to expand its current installed capacity from 3,600 ton/year to 18,000 ton/year, further increasing the presence of BRF in the Saudi market, in line with its strategy of establishing local production and further expansion of its high value-added product portfolio.”
According to de Moura, the acquisition does not change a memorandum of understanding (MoU) previously signed with the Saudi Arabian Investment Authority (SAGIA) in October last year to obtain $120m worth of investment in a processed food plant in Saudi Arabia.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
