The Saudi Agricultural and Livestock Investment Company (SALIC), a subsidiary of Saudi Arabia's Public Investment Fund, acquired a 12.6% stake in Ukrainian agricultural producer MHP.
SALIC bought 13,514,563 of MHP's global depository receipts on the market, MHP said in a bourse filing on Tuesday.
MHP is ranked among the top 10 poultry producers worldwide, it says on its website. The company exports over 50% of its products to more than 70 countries, with key markets in the Middle East, the European Union, and Africa. Additionally, MHP is one of Ukraine's leading exporters of vegetable oils.
In Ukraine, SALIC is also a whole owner of the Continental Farmers Group through which it manages 195,000 hectares of agricultural land in western Ukraine.
MHP received $480 million in financing from international financial institutions last year to help it refinance debt, boost output and expand its agricultural waste-to-energy facilities.
The US International Development Finance Corporation (DFC) contributed $250 million to the package while the International Finance Corporation (IFC) added $130 million and the EBRD added $100 million.
