Brazil's BRF and Saudi Arabia's Public Investment Fund (PIF), have fulfilled all conditions as a prelude to the establishment of a joint venture (JV) agreement.
BRF GmbH and Halal Products Development Company (HPDC), a wholly owned subsidiary of the kingdom's sovereign wealth fund "will begin implementing the formalities to incorporate a legal entity in Saudi Arabia," BRF said, in an announcement on August 1.
The agreement calls for BRF GmbH owning 70% of the entity, with HPDC holding the remaining 30%. BRF added that it will keep its shareholders and the market in general informed about any relevant matter related to the announcement.
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