Oman- BRF eyes 100 stake in Al Khan Foodstuff

4/26/2016 2:48:59 PM

(MENAFN- Muscat Daily) Muscat-

BRF GmbH a subsidiary of leading Brazilian food company BRF has entered into a stock purchase agreement with shareholders of Al Khan Foodstuff LLC a leading distributor of frozen food products in the sultanate.

BRF through its subsidiary GmbH already holds a 40 per cent interest in Al Khan Foodstuff which it acquired in 2014. In a statement on its website BRF said that once the transaction is consummated its subsidiary will hold 100 per cent of the capital of the Oman-based company.

BRF did not reveal financial details of the transaction but said the transaction values Al Khan Foodstuff at US$64mn.

'Upon the satisfaction of the conditions precedent and the consummation of the transaction BRF GmbH will hold the totality of Al Khan Foodstuff's economic interest' BRF added.

BRF which markets products under the Sadia Perdigao and Qualy brands is one of the world's largest food companies. Al Khan Foodstuff has distributed Sadia products in Oman for over 25 years along with a series of frozen products from other brands and suppliers BRF said.

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