The Brazilian securities regulator, the CMV, has lifted its suspension on JBS’s plan to list its processed food unit, JBS Foods.
The CMV suspended the IPO last month after the Brazilian meat group’s CEO, Wesley Batista, commented on the group’s plans to local media. Participants are prohibited from speaking to the press until after a float has closed and Batista therefore breached securities regulations, the CMV argued.
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The Brazilian meat giant wants to raise around BRL4bn (US$1.57bn) by floating its Brazilian consumer foods business. The unit generated close to 10% of JBS’s BRL40bn revenue last year.
