JBS, the Brazilian meat giant, has suspended plans to list its processed food business, JBS Foods, in Brazil.

The company has cancelled the registration of the primary public offering of common shares and the registration of JBS Foods as a private company, the group revealed. JBS cited &quotmarket conditions&quot for the decision.

&quotThe company’s administration will keep its shareholders and the market informed when [it] identifies favourable conditions to access the capital market in Brazil and abroad,&quot JBS said.

JBS had previously said it 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.

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By GlobalData