BRF SA sold its 49% shareholding in Singaporean meat processor SATS BRF Food PTE Ltd. back to the company's parent, SATS Food Services PTE Ltd., for S$17 million.
According to a Sept. 5 announcement, the transaction includes the execution of a new contract related to the distribution and licensing of BRF's brands.
The sale is part of BRF's restructuring plan of deleveraging its assets and focusing more on its core markets.
The Brazilian food company acquired the stake in SATS BRF Food for S$26 million in 2015, through its subsidiary BRF GmbH.
As of Sept. 5, US$1 was equivalent to S$1.38.
