Tanmiah Food signs MoU with a Brazilian company to establish a joint venture

Tanmiah Food Company announced on Tuesday the signing of a memorandum of understanding with Vibra Agroindustrial S.A, a leading international poultry producer and exporter based in Brazil, to establish a joint venture (JV) in line with Tanmiah’s commitment to boost food security and self-sufficiency in Saudi Arabia.

According to the published statement on Tadawul, the primary focus of the 50% owned JV will be the co-packing of each of Tanmiah’s and Vibra’s products, initially in KSA, with plans to expand into the wider MENA region.

The JV will also be evaluating the possibility of establishing a primary processing or further processing facility in Saudi Arabia.

The establishment of the joint venture remains subject to necessary regulatory approvals, including clearance by the General Authority for Competition of Saudi Arabia and other applicable jurisdictions and authorizations.

The company expects that the shareholders agreement is expected before the end of 2024.

Noteworthy that Tyson International Holding Co. has an equity stake in Vibra Agroindustrial S.A. As a reminder, Tyson International Holding Co. is a Joint Venture partner of Tanmiah Food Company, holding a 15% stake in Agricultural Development Company and a 60% stake in Supreme Foods Processing Company.