BRF to purchase 70% stake in Malaysian firm FFM Further Processing

Brazilian meat processor BRF has signed an agreement to purchase a 70% stake in Malaysian food business FFM Further Processing.

According to the terms of the transaction, BRF will invest $16m in FFM Further Processing, a subsidiary of FFM Berhad.

FFM Berhad is a part of PPB Group, a Malaysian conglomerate operating in various business segments in South East Asia, including grains, agribusiness and consumer products.

Following the completion of the deal, FFM Berhad will hold the remaining 30% stake in FFM Further Processing.

BRF chief financial and investor relations officer José Alexandre Carneiro Borges said: "This transaction is in line with the BRF's strategy to enhance its presence in South East Asia and its continued commitment to strengthen its focus in Muslim markets."

This deal is in sync with the BRF‘s strategy to boost its presence in Southeast Asia and its continued commitment to bolster its focus in Muslim markets.

Earlier this year, BRF opened an office in Kuala Lumpur to focus on halal markets.

It also announced plans to set up a unit, called Sadia Halal, to focus on catering to halal meat.