Saudi Arabia's SALIC ups stake in Brazil's Minerva

Increased its stake in Brazilian meat company Minerva Foods to 33.83% from 25.5%

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

REUTERS/Stringer

Saudi investment firm SALIC said on Wednesday it had increased its stake in Brazilian meat company Minerva Foods to 33.83% from 25.5%.

SALIC, the Saudi Agricultural and Livestock Investment Co, an arm of the desert kingdom's sovereign wealth fund, was formed in 2012 to secure food supplies for Saudi Arabia through mass production and investment.

Saudi Arabia consumes 550,000 tonnes of red meat a year, of which 70% is imported.

(Reporting by Marwa Rashad, writing by Maha El Dahan; editing by Jason Neely) ((Maha.Dahan@thomsonreuters.com; + 9712 4082101; Reuters Messaging: maha.dahan.thomsonreuters.com@reuters.net))