BRF announced last Tuesday a statement from Salic, reporting that the Saudi government’s investment company sold its equity stake in the owner of the Sadia and Perdigão brands, but purchased derivatives representing the same stake it sold, reported MoneyTimes.
Salic told BRF in a statement that the transaction “increases portfolio flexibility and risk management, simplifies international execution and settlement, and ensures governance neutrality during and after the merger process.”
“Salic’s approach reflects a change in the structure of its investment, not its strategy,” the company added in the statement. The transaction involved the sale of 185,556,900 BRF shares, equivalent to its entire 11.03% stake in the company’s capital.
Without this operation, Salic would have been subject to capital gains tax due to the incorporation of BRF shares by Marfrig.
