HomeBanking & FinancePIF-owned SALIC acquires stake for AED 209 mn in a rice company
By Economy Middle East
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November 11, 2022 12:27 pm

PIF-owned SALIC acquires stake for AED 209 mn in a rice company

By raising capital and purchasing shares from main owners
SALIC
SALIC acquires 9% of India's LT Foods

The Saudi Agricultural and Livestock Investment Company (SALIC), which is wholly owned by the Public Investment Fund (PIF), announced that it has acquired 9.2 percent of the Indian company LT Foods, which specializes in basmati rice, by raising capital and purchasing shares from the company’s main owners.

According to SALIC’s statement, the deal is worth roughly 209 million riyals and is in line with the company’s directives to invest in targeted food commodities as part of the Kingdom’s food security strategy.

Read more: Global food security is in danger… Beware of famine

The firm said that one of its strategic goals for achieving national food security goals is to broaden the scope of foreign investments.

Moreover, SALIC stated that the acquisition aims to build a strong strategic partnership, following the accomplishments of the previous three years which saw the company acquire 30% of Daawat Foods, one of LT Foods’ manufacturing and supplying arms.