JBS has refused to comment on speculation it is looking to raise funds through an IPO of its poultry and processed foods division.

JBS has refused to comment on speculation it is looking to raise funds through an IPO of its poultry and processed foods division.

Brazilian meat firm JBS has refused to comment on "press speculation" it plans to raise BRL3bn (US$1.36bn) through an initial public offering of its poultry and processed foods division.

According to a report in The Wall Street Journal, "the firm plans to use the proceeds to pay down debt and make investments".

The news was first reported on the website of local publication Exame which suggested five investment banks including Banco Itaú BBA, Banco Santander, BTG Pactual and JP Morgan have been appointed to manage the IPO.

Speaking to just-food today (14 April), a spokesperson for JBS said it had "not issued any statement regarding an IPO". The spokesperson added: "The press is speculating and the company is not going to comment on speculation in the press."

Last month JBS booked a 29% jump in earnings for 2013.