Brazil's MBRF gets approval for investment deal with Saudi Arabia's HPDC

About this update from Mbrf Global Foods Company S.a.

Brazilian food producer MBRF BMFBOVESPA:MBRF3 has obtained regulatory approval for an investment deal signed in October with Saudi Arabia's Halal Products Development Company to boost their joint venture in the Middle East, it said on Tuesday.Under the terms of the deal, an MBRF subsidiary will contribute assets valued at about $2.07 billion to the joint venture Sadia Halal, covering halal food operations in the Middle East and North Africa, excluding Turkey.MBRF added in the securities filing that HPDC, a subsidiary of Saudi Arabia's Public Investment Fund, has committed under an amended agreement to raise its stake in the venture to 20% by mid-2027 or until a potential IPO in Riyadh, with an option to increase it to 40%.MBRF shares rose 3.5% to 21.75 reais in late morning trading on the news.

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