JBS, the Brazil-based meat giant, has started the process of listing domestic arm JBS Foods.
After weeks of speculation, the company said yesterday (20 May) it had applied to CVM, Brazil’s stock market regulator, for shares in JBS Foods to be floated.
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JBS created JBS Foods last year when it acquired Seara Brasil from Brazilian rival Marfrig.
In its announcement, JBS, the world’s largest beef processor, described JBS Foods as “one of Brazil’s largest companies in the food segment”.
It added: “It produces and commercialises prepared foods with high added value and poultry and pork products, under recognised brands by the national and international markets.”
JBS said it expected the shares will be accepted for trading on the Novo Mercado of the BM&FBOVESPA exchange in Sao Paulo. It did not disclose how much it expected the flotation to raise or when it would take place.
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By GlobalData
