SÃO PAULO, 3 Dec (Reuters) – Seara, from JBS, will invest R$415 million in the poultry sector of Paraná, the largest producer of chicken meat in Brazil, with a large part of the contributions being made possible via the Agribusiness Credit Rights Investment Fund (Fidc), the company said on Wednesday.
The amount is part of a total of R$475 million in investments planned for the state’s poultry industry, which produces around 40% of Brazil’s chicken. Part of the contributions, worth R$60 million, will be made by Fomento Paraná, a local financial institution.
The Fidc, whose assets total R$300 million, R$240 million from Seara and R$60 million from Fomento Paraná, will be allocated to broiler and breeder chicken aviaries.
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‘These new investments reinforce the virtuous model of integration development’, said JBS Global CEO, Gilberto Tomazoni, in a statement.
The management of the fund is the responsibility of Suno Gestora de Recursos, and the model follows the format of Fidc Agro Paraná, which has Fomento Paraná as a senior shareholder.
With Seara’s entry as a subordinate shareholder of Fidc, R$240 million in accumulated ICMS credits will be released, said the government of Paraná, in a note.
(By Roberto Samora)
