THE BANK OF 
NEW YORK
 NEW YORKS FIRST BANK - FOUNDED 
1784 BY ALEXANDER HAMILTON

101 BARCLAY STREET, NEW YORK, N.Y. 
10286
AMERICAN DEPOSITARY RECEIPTS

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SECURITIES & EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549			
		
Attn.: Document Control 		
		

			
RE:	Depositary Shares 
evidenced by the 
American Depositary 
Receipts for Preferred 
Shares, without par 
value, of Sadia S.A. 
(File No. 333-102013)


			
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Ladies and Gentlemen:

Pursuant to Rule 424(b)(3) under the 
Securities Act of 1933, as amended, on 
behalf of The Bank of New York, as 
Depositary for securities against which 
American Depositary Receipts are to be 
issued, we attach a copy of the new 
prospectus (Prospectus) reflecting the 
change in the number of preferred 
shares represented by one American 
Depositary Share (the Ratio).

As required by Rule 424(e), the upper 
right hand corner of the Prospectus 
cover page has a reference to Rule 
424(b)(3) and to the file number of the 
registration statement to which the 
Prospectus relates.

Pursuant to Section III B of the General 
Instructions to the Form F-6 
Registration Statement, the Prospectus 
consists of the ADR certificate for Sadia 
S.A.. 

The Prospectus has been revised to 
reflect the new Ratio, and has been 
overstamped with: 
                                
Effective January 21th, 2004, the 
ratio has changed from each 
American Depositary Share 
representing 30 Preferred Shares 
to each American Depositary 
Share representing 10 Preferred 
Shares.                                  

Attached to this letter is a copy of a 
letter from Sadia S.A. to The Bank of 
New York requesting that the Ratio be 
changed.
                                           
Please contact me with any questions or 
comments at 212 815-3626. 


_________________________
Name: Arianna Ferreira-Foley
Title: 
 

Encl.