BRF S.A. (NYSE: BRFS) Saudi funds disclose exit and fix signatory

Rhea-AI Filing Summary

BRF S.A. has disclosed that three Saudi-related investors now report no beneficial ownership of its common shares. SALIC International Investment Company, Saudi Agricultural and Livestock Investment Company, and The Public Investment Fund each report 0 common shares beneficially owned, representing 0% of BRF’s outstanding common shares. This means they no longer count as beneficial owners of BRF stock under U.S. reporting rules.

The filing is labeled as Amendment No. 2 and is also being used to correct an administrative error in the prior amendment. The signatory for The Public Investment Fund on Amendment No. 1 is clarified to have been Ahmad Alfilimbany, Head of Investment Operations Department, instead of the previously listed individual. The current amendment is signed by Sulaiman AlRumaih as Chief Executive Officer and by Ahmad Alfilimbany in his role at The Public Investment Fund.

Positive

• None.

Negative

• Former major Saudi-related shareholders now report 0% beneficial ownership of BRF S.A. common shares, removing a previously significant investor presence.

Insights

Equity ownership and governance analyst

Key Saudi investors now report 0% stake in BRF S.A.

The filing shows that SALIC International Investment Company, Saudi Agricultural and Livestock Investment Company, and The Public Investment Fund each report beneficial ownership of 0 BRF S.A. common shares, or 0% of the class. Because Schedule 13D filings apply to holders above 5%, this update indicates that these parties are no longer large, reportable shareholders.

The change may affect expectations around long-term strategic support from these investors, since they were previously significant enough to require reporting. The amendment also corrects the signatory information for The Public Investment Fund, naming Ahmad Alfilimbany as Head of Investment Operations Department on the prior amendment, which helps clarify who is authorized to sign for that entity.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

BRF S.A.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

10552T107

(CUSIP Number)

Sulaiman AlRumaih c/o SALIC
Business Gate, Building 6, 7452, Airport Branch Rd Qurtubah, Unit No. 2
Ar Riyadh, T0, 13244-2327
966 112681 333

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/04/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 10552T107

1

Name of reporting person

SALIC International Investment Company

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SAUDI ARABIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 10552T107

1

Name of reporting person

Saudi Agricultural and Livestock Investment Company

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SAUDI ARABIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 10552T107

1

Name of reporting person

The Public Investment Fund

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SAUDI ARABIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Sovereign Wealth Fund of Saudi Arabia

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: BRF S.A.
(c)	Address of Issuer's Principal Executive Offices: 14401 Av. Das Nacoes Unidas 22nd Floor, Chac Santo Antonio, Sao Paulo - SP, BRAZIL , 04730 090.
Item 1 Comment: Explanatory Note This Amendment No. 2 to Schedule 13D ("Amendment No. 2") to the Schedule 13D originally filed with the United States Securities and Exchange Commission on August 10, 2023 (as amended to date, the "Schedule 13D"), relating to the common shares, no par value (the "Common Shares"), of BRF S.A., a Brazilian corporation (the "Issuer") is being filed solely to correct an error in Amendment No. 1 to the Schedule 13D filed on September 26, 2025 ("Amendment No. 1"). The signatory for the Public Investment Fund on Amendment No. 1 was incorrectly listed as Name: Yasir O. Al Rumayyan, Title: Governor, and should have instead been Name: Ahmad Alfilimbany, Title: Head of Investment Operations Department.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SALIC International Investment Company

Signature:	/s/ Sulaiman AlRumaih
Name/Title:	Sulaiman AlRumaih, Chief Executive Officer
Date:	09/04/2025

Saudi Agricultural and Livestock Investment Company

Signature:	/s/ Sulaiman AlRumaih
Name/Title:	Sulaiman AlRumaih, Chief Executive Officer
Date:	09/04/2025

The Public Investment Fund

Signature:	/s/ Ahmad Alfilimbany
Name/Title:	Ahmad Alfilimbany, Head of Investment Operations Department
Date:	09/04/2025

FAQ

What change in ownership does this amendment report for BRF S.A. (BRFS)?

It reports that SALIC International Investment Company, Saudi Agricultural and Livestock Investment Company, and The Public Investment Fund each now beneficially own 0 BRF S.A. common shares, representing 0% of the class.

Who are the reporting persons in this BRF S.A. Schedule 13D amendment?

The reporting persons are SALIC International Investment Company, Saudi Agricultural and Livestock Investment Company, and The Public Investment Fund, which is described as the Sovereign Wealth Fund of Saudi Arabia.

What securities are covered in this BRF S.A. (BRFS) ownership filing?

The filing concerns BRF S.A. common shares, no par value, which are the issuer’s primary equity securities referenced throughout the document.

What correction does Amendment No. 2 make regarding The Public Investment Fund?

Amendment No. 2 corrects the signatory on Amendment No. 1, clarifying that it should have been Name: Ahmad Alfilimbany, Title: Head of Investment Operations Department, instead of the previously listed individual.

Who signed this ownership amendment related to BRF S.A.?

The amendment is signed by Sulaiman AlRumaih as Chief Executive Officer (on behalf of the relevant entities) and by Ahmad Alfilimbany as Head of Investment Operations Department for The Public Investment Fund, each dated 09/04/2025.

Does this BRF S.A. filing indicate any current voting or dispositive power by the reporting persons?

No. Each reporting person lists 0.00 for sole and shared voting power and 0.00 for sole and shared dispositive power, aligning with the reported 0% beneficial ownership.