Brazilian food processor BRF SA, the world’s largest poultry exporter, is studying a possible investment in Namibia, Chairman Abilio Diniz said at an event on Friday.

His comments came on the same day that the European Union signed a trade accord with Namibia and five other African countries.

“We shall see what Namibia can offer to tighten our relationship,” Diniz said, adding that he would visit the country on Monday.

Currently, BRF’s commercial relationship with the region is based on Brazilian exports of sausage, cold cuts and margarine to local African distributors.

Last year BRF began dividing its business in Africa, which includes a South African office, from its Middle East division.

BRF shares closed down more than 2 percent on Friday, in line with a drop on the benchmark Bovespa stock index

Diniz also said on Friday that BRF was facing challenges repatriating revenue from Angola, one of the company’s main markets on the continent.

“The country is facing difficulties. We have a large quantity of receivables but they are blocked,” he said without giving further details.

Asked to clarify his comments on Angola, BRF said in a statement that “there is no blockage of payments originating from sales in Angola … although there are some restrictions on getting money out of the country.”

Source: Reuters