Marfrig Global Foods has confirmed its chairman Marcos Molina and his holding company are now the majority owners of the Brazilian meat processor.

Publicly-listed Marfrig said in a statement it “received correspondence from its controlling shareholders: MMS Participações, Mr. Marcos Antonio Molina dos Santos and Mrs. Marcia Aparecida Pascoal Marçal dos Santos, reporting that together they directly held 345,941,740 common shares, representing a 50.04% share of the total shares issued by the company”.

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Both of the named individuals are partners in MMS Participações, a holding company set up in 2006 and based in Sao Paulo. Just Food contacted Marfrig to establish the prior shareholding before the announcement signed off by vice president of finance Tang David, later confirmed by a spokesperson as 49.7%.

“The controlling shareholders have not concluded any agreement or contract regulating the exercise of the right to vote or the purchase and sale of securities issued by the company,” Marfrig added.

In March, Mr. Molina also became chairman of Brazilian meat peer BRF in which Marfrig owns 33.3%, a stake built up in 2021. Marfrig also increased its presence in the US in 2018 with the acquisition of a 51% stake in National Beef Packing Company.

At the time of Molina’s appointment to the BRF board, Marcia Santos was also named among a slate of new BRF directors, including Sergio Agapito Rial; Augusto Marques da Cruz Filho; Debora Stern Vieitas; Flavia Maria Bittencourt; Pedro de Camargo Neto; Altamir Batista Mateus da Silva; Eduardo Augusto Rocha Pocetti; and Aldo Luiz Mendes, backed by Marfrig and shareholder Caixa de Previdência dos Empregos do Banco do Brasil (Previ).

Marfrig reported sales last year of BRL85.3bn (US$17.8bn), adjusted EBITDA of BRL14.5bn and a net profit of BRL4.3bn.

BRF had sales of BRL48.3bn and adjusted EBITDA of BRL5.6bn. Net income was BRL517m.