Brazil's BRF, Saudi Arabian fund set up poultry joint venture ! Whole Frozen Chicken Prices In Money

 SAO PAULO, Jan 13 (Reuters) - Brazilian chicken and pork processor BRF SA (BRFS3.SA) signed a memorandum of understanding with Saudi Arabia's sovereign fund to create a joint venture to make poultry products in the Middle Eastern country, sending its shares higher.

BRF said in a securities filing on Thursday that it will hold a 70% stake in the joint venture, while Saudi Arabia's Public Investment Fund (PIF) will have the remaining 30%.



Logos of Brazilian meatpacker BRF SA are seen in the headquarters in Curitiba, Brazil October 1, 2019. REUTERS/Rodolfo Buhrer

Logos of Brazilian meatpacker BRF SA are seen in the headquarters in Curitiba, Brazil October 1, 2019. REUTERS/Rodolfo Buhrer

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SAO PAULO, Jan 13 (Reuters) - Brazilian chicken and pork processor BRF SA (BRFS3.SA) signed a memorandum of understanding with Saudi Arabia's sovereign fund to create a joint venture to make poultry products in the Middle Eastern country, sending its shares higher.

BRF said in a securities filing on Thursdaythat it will hold a 70% stake in the joint venture, while Saudi Arabia's Public Investment Fund (PIF) will have the remaining 30%.

The MOU is non-binding and aims to create a company to produce and sell fresh, frozen and processed poultry products. BRF declined to provide additional details about the move as it is in a quiet period ahead of a shareholder vote on Monday to decide on a follow-on share offering. read more

The Brazilian company said the joint venture will require a $350 million investment if it materializes.

Shares in BRF were up 3.7% at 24.72 reais in morning trading, making it one of the top gainers on Brazil's Bovespa index (.BVSP), which rose 0.3%.



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