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M&A WATCH-
Saudi-Brazilian JV to acquire 26% of Addoha Poultry: BRF Arabia, a joint venture between Brazilian food processing company BRF SA and PIF-owned Halal Products Development Company, agreed to acquire a 26% stake in Addoha Poultry, one of the Kingdom’s biggest chicken suppliers, for SAR 316.2 mn (USD 84.3 mn), Bloomberg reports. BRF is set to tap the region’s chicken production sector for the first time upon completing the acquisition.
Some USD 58 mn of the investment will be allocated to expanding chicken production and industrial facilities, which are currently operating at near full capacity, Vice President for the Halal Market at BRF Igor Marti told Bloomberg.
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PRIVATE EQUITY-
Hassana jumps on Brookfields’ new Mideast fund wagon: Hassana Investment Company, the investment manager of the General Organization for Social Ins., could allocate USD 500 mn to Brookfield Asset Management ‘s new USD 2 bn regional private equity fund, according to a press release. The allocation would be similar to what Brookfield earmarked for the fund. This comes after the PIF inked a non-binding MoU with Brookfield last week to join the Brookfield Middle East Partners fund as an anchor investor, albeit it didn’t disclose its potential investment size. The story got ink in Reuters and Bloomberg.
About the fund: The Brookfield Middle East Partners fund plans to funnel at least 50% of its capital into Saudi Arabia, focusing on sectors such as industrials, consumer and business services, technology, and healthcare, and supporting international businesses looking to expand in the Kingdom.
ALSO- Hassana signed a separate MoU with US-based energy and infrastructure-focused investor EIG as it considers allocating up to USD 250 mn to EIG’s targeted USD 1 bn regional fund, as well as becoming an anchor investor, according to a press release.
REAL ESTATE-
Homegrown real estate developer Rikaz Properties launched a new arm called Zaya to expand its footprint in the Kingdom with an investment ticket of SAR 600 mn, according to a press release. The new company will focus on developing residential and commercial projects, including Skaya, Upscala, Uptown, along with several others in Dhahran, Khobar, and Riyadh.
