Brazil beef exporter Minerva Foods approves $400 mln capital raise

miércoles 23 de diciembre de 2015 06:11 GYT
 

SAO PAULO Dec 23 (Reuters) - Brazilian beef exporter Minerva Foods SA said on Wednesday its board approved a proposal for Salic UK to buy up to 1.6 billion reais ($401 million) in newly issued shares in a capital raising agreement.

The extra cash, Minerva said, will allow it to expand its geographic reach as well as reduce its leverage.

Salic UK, which is part of the Saudi Agricultural and Livestock Investment Company, will own 19.95 percent of Minerva shares when the agreement comes into force.

(Reporting by Luciana Bruno, editing by William Hardy)