SALIC Completed Acquisition of 2-Red Meat Plants, in Australia

The Saudi Agricultural Investment and Livestock Production company (SALIC), which is wholly owned by the Public Investment Fund (PIF) announced completion of the acquisition of two red meat skinning and processing plants, in Australia.

The move has taken place, in partnership with the Brazilian company Minerva Foods – Australia.

Salic owns 35% of the company, which has a production capacity of more than one million heads of livestock, annually, and aims to produce and market red meat from sheep, in international markets, especially the Gulf region and the Middle East.

Such a project comes within the framework of Salic’s contribution to achieving the food security strategy, in the Kingdom, by creating a series of sustainable agricultural investments, in multiple geographical regions around the world, Sulaiman bin Abdulrahman Al-Rumaih, CEO of Salic Group, confirmed. Especially that the Kingdom imports more than 70% of the Its need of red meat, at 550,000 tons annually, he added, pointing out that the establishment of the project, in Australia, comes as part of a plan to expand its investments there, after it completed acquisition of the Australian Meridian Farms Company, in 2019, which works in the fields of grain cultivation and livestock.

It is noteworthy that Salic owns 31% of the capital of the Brazilian company Minerva Foods, which operates more than 25 skinning factories, in South America, and exports red meat to more than 100 countries, around the world, including the Saudi market, and it is a company listed on the Brazilian stock exchange, since 2007.