SÃO PAULO — Brazilian meatpacker BRF S.A. announced on Aug. 1 a joint venture with Halal Products Development Co. (HPDC), a subsidiary of the Public Investment Fund (PIF) of Saudi Arabia.

As part of the agreement, the companies will divide ownership — 70% to BRF and 30% to HPDC.

“The company will keep its shareholders and the market in general informed about any relevant matter related to the present announcement,” said Fabio Luis Mendes Mariano, chief financial and investor relations officer for BRF.

BRF originally announced plans for its joint venture in October 2022.

Through the venture, BRF will shift from solely being a meat exporter to becoming a supplier for the Saudi Arabian market.

The joint venture announcement follows a couple weeks after PIF’s subsidiary Saudi Agricultural and Livestock Investment Co. (SALIC) acquired 180,000,000 common shares of BRF, or 10.7% of the company. SALIC noted that it has no interest in changing the company, and that its shareholding interest is strictly for investment purposes.