Saudi Arabian state agricultural fund SALIC plans to take a stake in Brazilian beef processor Minerva.

Under the terms of a deal announced by Minerva yesterday (22 December), the Saudi Agricultural and Livestock Investment Company is to buy a batch of newly-issued shares in the business.

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SALIC has agreed to pay up to BRL1.56bn (US$392.2m) for the shares, which will give the fund a 19.95% stake in Minerva.

The beef processor said the investment would lead to “a significant reduction” of its net debt, the bolstering of its working capital and financing for capital expenditure.

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