KSA’s SIIG taps into sustainable protein: Saudi Arabia’s privately owned petrochemical company Saudi Industrial Investment Group (SIIG) has signed an agreement to acquire a 24% stake in Denmark’s sustainable protein company Unibio International, according to a disclosure to Tadawul. The acquisition will be made through an investment of c.USD 70 mn in the Danish company, with a 9.9% stake acquired in the first phase. The remaining stake would be acquired by SIIG in which the Saudi government owns a 13.1% stake after obtaining necessary approvals for FDI from the Danish government.

Where’s the money going? Unibio will use the proceeds to increase global production capacity, boost operating capabilities, and ramp up innovation, according to a statement by Unibio on the acquisition.

Sustainable protein what? Sustainable protein focuses on developing new sources of protein through new food-technology alternatives in a bid to address the food security crisis and ensure sustainable feed without use of arable land and low water usage, according to Unibio’s website. The Uniprotein feedstock acts as a replacement protein source for animal and fish feed mixes, and production of the protein for direct human consumption is still underway, according to the statement.

Advisors: Ernst & Young acted as advisor for SIIG, while Bank of America advised Unibio International on the transaction.

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