SALIC
LT FOODS : SOUDHI ARABIA SALIC ACQUIRED A 92% STAKE IN THE COMPANY.
Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, has acquired a 9.22% stake in publicly-listed LT Foods for Rs 390 crore.
LT Foods will also purchase a 29.52% equity stake in its subsidiary, Daawat Foods Ltd., from SALIC which was acquired in February 2020 through its subsidiary ‘United Farmers Investment Company’.
On the other hand, it will enable SALIC to have greater exposure to the Specialty Rice sector and secure larger quantities of Specialty Basmati Rice to the Kingdom of Saudi Arabia, it said in the filings.
“The extension of our partnership with LT Foods is in-line with SALIC’s strategy to contribute to the food security objectives. Our 3 years old investment in Daawat Foods Ltd., gave us an understanding of the management style of LT Foods, their market and business understanding and their deep commitment to sustainability, and innovation to always serve its consumers better. This gave us the confidence to increase our investment in LT Foods and build a strong strategic partnership with the Company,” said Sulaiman AlRumaih, group CEO of SALIC.
Sulaiman AlRumaih, Group CEO of SALIC, said, “The extension of our partnership with LT Foods is in line with SALIC’s strategy to contribute to the food security objectives. Our three-year-old investment in Daawat Foods Ltd, gave us an understanding of the management style of LT Foods, their market and business understanding. This gave us the confidence to increase our investment in LT Foods and build a strong strategic partnership with the company.”
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