Tanmiah Food, Vibra sign MoU for Saudi food security boost

anmiah Food Co. signed a memorandum of understanding with Brazil’s Vibra Agroindustrial SA (Vibra), one of the world's leading poultry producers and exporters, with an aim to establish a joint venture.

In a statement to Tadawul, Tanmiah Food pointed out that a shareholders agreement is expected to be concluded before the end of 2024, noting that the 50% owned joint project includes joint packaging of both brands’ products, starting in Saudi Arabia, with expansion plans to cover the Middle East and North Africa (MENA) region.

This comes in line with the Tanmiah Food's commitment to enhancing food security and self-sufficiency across Saudi Arabia, noting that the MoU stipulates for a joint venture headquartered in the Kingdom.

The potential of establishing a facility for poultry or other manufacturing product production within the framework of the joint project, in the Kingdom, is under evaluation and subject to obtaining the necessary regulatory approvals, including the approval of the Saudi General Authority for Competition and other judicial authorities, as well as the necessary applicable licenses.

The financial impact of the deal will be determined later, the statement added, noting that any material developments in this regard will be disclosed in due course.

Source : Argaam