JBS Buys 80% Stake in #Oman Meat Plants in Deal With Wealth Fund - Bloomberg

JBS Buys 80% Stake in Oman Meat Plants in Deal With Wealth Fund - Bloomberg

JBS NV, the world’s largest meat producer, agreed to buy a controlling stake in an Oman food business through a deal with wealth fund Oman Investment Authority.

The Sao Paulo-based meatpacker is investing $150 million to obtain an 80% stake of the business, which includes a poultry plant and a unit that processes beef and lamb. The Oman wealth fund will retain the remaining 20% stake.

The deal will allow JBS to produce fresh meat locally, sourcing breeder chickens from local suppliers in Oman. The lamb and beef meat unit will receive animals from other countries in Africa and the Middle East.

“We felt it was important to be in the initial phase of the supply chain in the region, which has a large and growing market, as we want to transform this location into a hub for accessing other markets”, Chief Executive Officer Gilberto Tomazoni told journalists on Sunday. “We will continue investing because we have built a platform here.”

The deal marks JBS’ newest effort in the halal market involving food that adheres to Islamic law. JBS already processes chicken in Saudi Arabia and recently announced the expansion of its unit in Jeddah.