SAO PAULO - Brazilian pork and chicken processor BRF BRFS3.SA said on Thursday that BRF Arabia, its joint venture with Halal Products Development Company, has signed an agreement to buy a 26% stake in Saudi poultry company Addoha.

WHY IT'S IMPORTANT

BRF is one of the world's largest meat producers and has been trying to expand its presence in the Middle East.

BY THE NUMBERS

According to a securities filing by BRF, the transaction has a total value of 316.2 million riyals ($84.2 million).

Out of that total, $57.6 million will be paid into Addoha.

KEY QUOTES

"With this investment, the company takes an important step in consolidating its portfolio and operations in the Middle East," BRF said in the filing. "Additionally, the transaction consolidates BRF as one of the main partners of Saudi Arabia in its food security agenda."

"Through our experience as a leading global leader in chicken production, we aim to contribute to Addoha's development in all aspects of operations, from quality and efficiency to innovation and sustainability," said BRF Arabia Chairman Igor Marti.

($1 = 3.7560 riyals)

(Reporting by Luana Maria Benedito; Editing by David Holmes)