By Gavin Gibbon
BRF plans to invest $7.2m in Dammam plant to increase capacity by almost six-fold
Brazilian company BRF SA has bought Joody Al Sharqiya food production factory from Hungry Bunny Ltd and other firms in Saudi Arabia, for around $8 million.
The food processing company has a plant in Dammam, whose portfolio includes breaded and marinated cuts and burgers.
The deal was carried out by Badi Limited, a wholly-owned subsidiary of BRF.
Carlos Alberto Bezerra de Moura, chief financial and investor relations officer, BRF SA, said: “BRF plans to invest around $7.2 million in the Dammam plant in order to expand its current installed capacity from 3,600 ton/year to 18,000 ton/year, further increasing the presence of BRF in the Saudi market, in line with its strategy of establishing local production and further expansion of its high value-added product portfolio.”
According to de Moura, the acquisition does not impact a memorandum of understanding (MoU) previously signed with the Saudi Arabian Investment Authority (SAGIA) in October last year to secure $120m worth of investment in a processed food plant in Saudi Arabia.