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JBS SA may delay the initial public offering of its New York international unit, initially planned to be launched in the first half of 2017.
The decision to delay the listing comes after the Company had to deal with the impact of the rotten meat scandal that broke out in March this year and caused several countries to ban or restrict Brazilian meat imports at the time.
As previously reported by ILM, JBS announced in December 2016 that it had plans to list shares of JBS Foods International BV, a Netherlands based subsidiary of the Group, comprising all of its foreign assets and a Brazilian processed-food unit. Despite the stock recovering after the meat scandal, it is claimed the meatpacker will not have enough time to complete the process before the deadline of June 30, 2017 as it needs to comply with U.S. Securities and Exchange Commission requirements.
JBS is said to still go ahead with the IPO later this year and has kept Barclays Plc as a leading underwriter for the transaction. Some claim the delay could be beneficial to the IPO’s potential pricing.
JBS shares are reported to have increased 3.6% on May 10, 2017.