JBS announces dual listing plan in Brazil and the US
JBS, one of the largest food companies in the world, announced a plan for a dual listing of its shares in Brazil and the United States, in order to expand its investment capacity. The proposal presented to shareholders reflects JBS' global platform and paves the way for unlocking the value of the company's shares.
JBS presents its shareholders and the market with a transformative value proposition. The double listing will create conditions for the Company's appreciation, will expand its ability to finance its growth at a lower cost, accelerating its strategy of diversification, added value and brand, at the same time that it will create more opportunities for the communities where it operates and for more than 260,000 employees worldwide.
With annual revenues of BRL 375 billion (1 BRL = 0,19 EUR), JBS operates a diversified platform of proteins and geographies, with industrial operations and commercial offices in 24 countries, more than 330 thousand customers and exports of products to more than 190 countries. Born in Brazil 70 years ago, JBS now employs nearly 60% of its global workforce in the country. There are 145,000 direct employees in the Company's more than 130 production units spread across all regions of the national territory.
With the dual listing, JBS shares will be traded on the New York Stock Exchange (NYSE), in the United States, and on B3 SA - Brasil, Bolsa, Balcão (B3), in Brazil. Level II Brazilian Depositary Recipts (BDRs) will be traded on B3, backed by Class A shares listed on the NYSE. Minority shareholders may cancel BDRs at any time to directly hold Class A shares.
This proposal will increase transparency and strengthen governance, attract a broader base of investors with greater financial capacity and increase the flexibility of issuing shares to finance growth and deleveraging opportunities, in addition to reducing the cost of capital, allowing the company to compete on an equal footing with its global peers.
JBS' operational structure will be maintained in Brazil and in other places where it operates. That is, operational assets, employees, financial flows and logistics chains will remain as and where they are currently. In addition, the company will remain subject to regulations established by the Brazilian Securities and Exchange Commission (CVM) and will be subject to SEC and NYSE regulations.
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