UPDATE 1-Brazil's BRF says QIA put option on TBQ JV has been eliminated
(Provides background about Banvit deal)
RIO DE JANEIRO, Dec 13 (Reuters) - Brazilian food processor BRF SA has reached an agreement with the Qatar Investment Authority (QIA) that eliminates a put option the sovereign fund held regarding its stake in TBQ Foods, a BRF-QIA joint venture, the Brazilian firm said in a Monday securities filing.
According to the statement, both companies signed an amendment with new terms and conditions for their partnership, in which BRF holds a 60% stake and QIA the other 40%.
In November, BRF's chief financial officer said BRF wanted to persuade QIA to remain a partner in TBQ, adding that BRF would need to pay QIA about 468 million reais ($82.4 million) if the latter exited TBQ by exercising the put option.
The statement also said that from 2023 QIA will have new alternatives to liquidate its investments at Banvit, Turkey's leading poultry processor, which sells halal foods that are made according to Muslim dietary requirements. TBQ holds 91.7% of Banvit's shares.
BRF became a partner of QIA and a shareholder of Banvit in 2017, aiming to boost its halal food business and own production facilities outside Brazil.
($1 = 5.68 reais) (Reporting by Gram Slattery and Carolina Pulice; editing by Richard Pullin)
