SAO PAULO – Brazilian beef exporter┬áMinerva Foods SA┬ásaid on Wednesday its board approved a proposal for Salic UK to buy up to 1.6 billion reais ($401 million) in newly issued shares in a capital raising agreement.

The extra cash, Minerva said, will allow it to expand its geographic reach as well as reduce its leverage.

Salic UK, which is part of the Saudi Agricultural and Livestock Investment Company, will own 19.95 percent of Minerva shares when the agreement comes into force.