Brazilian meat giant Minerva Foods has revealed its Chilean unit Athena Foods is to undertake an initial public offering (IPO). 

Minerva said in a securities filing Athena will be listed on the Santiago Stock Exchange.

A major beef exporter, Minerva said the plan will be preceded by a capital injection into Athena and its holdings in Paraguay, Uruguay, Argentina and Colombia.

In a statement Minerva said: “The company assesses the possibility of, once the payment of shares has been completed, to promote the registration of Athena Foods as a securities issuer with the Chilean Securities and Exchange Commission and, subsequently, to carry out the initial offer of shares on the Stock Exchange of Santiago.

“If the company chooses to continue operations, it is estimated that implementation will take place within 12 months.”

Minerva made the announcement as it revealed its second-quarter revenues were BRL3.73bn (US$995.6m), up from BRL2.58bn in the second quarter of 2017.

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The company made an adjusted EBITDA of BRL353.4m, versus BRL277.3m a year earlier.

However, Minerva did run up a net loss of BRL926m, against a loss of BRL55m in the second quarter last year, with the company’s bottom line hit by fluctuations in exchange rates.

In June, Minerva was linked with a merger with fellow Brazilian meat giant BRF.

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