The completion of the transaction strengthens BRF’s portfolio and operations in the Middle East, consolidating it as a strategic partner for Saudi Arabia in food security.

BRF Arabia, a joint venture owned 70% by Brazilian meat company BRF and 30% by Halal Products Development Company (HPDC), a wholly owned subsidiary of Saudi Arabia's Public Investment Fund (PIF), has completed on Tuesday the acquisition of 26% of Addoha Poultry Company, a company operating in the poultry meat industry in Saudi Arabia.

The completion of the transaction strengthens BRF's portfolio and operations in the Middle East, consolidating it as a strategic partner for Saudi Arabia in food safety, where it has been operating for 50 years and leading the market with its recognized brands.

The transaction was announced on October 30 last year and was agreed for an amount of 316.2 million Saudi riyals (US$ 84.1 million), of which 216.2 million Saudi riyals (US$ 57.5 million) will be paid to Addoha.

The closing of this acquisition was subject to compliance with the conditions precedent applicable to transactions of this nature, including approval by regulatory authorities, which finally occurred on Tuesday.

The company has assured that it will keep its shareholders and the market in general duly informed of any new developments related to this announcement.

The current shareholders of Addoha and BRF Arabia have agreed to sign an agreement to ensure effective participation in the management of the company and allowing the know-how of BRF and HPDC to contribute to maximizing synergies between the entities.