RIYADH: PIF-owned Saudi Agriculture and Livestock Investment Co., or SALIC, announced the completion of the acquisition of two red meat skinning and processing facilities in Australia, in partnership with the Brazilian company Minerva Foods.

The purchase was completed through a joint stock company between the parties namely Minerva Foods Asia Ltd., with SALIC owning a 35 percent stake, the Saudi Press Agency reported.

The acquisition - the value of which was not disclosed - comes in line with SALIC’s contribution to achieving the Kingdom’s food security strategy through creating sustainable agricultural investments globally, CEO of the company, Sulaiman Al Rumaih, said.

Saudi Arabia imports over 70 percent of its red meat needs, amounting to 550,000 tonnes annually, he added.

SALIC owns 31 percent of the Brazilian company Minerva Foods, which operates more than 25 slaughterhouses in South America, and exports red meat to over 100 countries globally.

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