Additional JBS investment subject to listing success
Brazil-based meat and tannery group JBS, has announced that it will increase its investments in Brazil by 12 billion reais ($2.39 billion) 2026 if its plan to list shares in New York is successful, Reuters reports.
The company, which is the largest meatpacker in the world, has been planning to list on the New York stock exchange to reduce its cost of capital and increase the value of its shares to levels similar to those of its competitors. The final decision on the plan is subject to the approval of shareholders, but JBS has expressed confidence in completing the US listing by the end of this year.
CEO Gilberto Tomazoni, made the statement during the inauguration of a new plant in Brazil's southern state of Paraná, where he also mentioned that this investment will create an additional 50,000 job opportunities by 2026. This amount is in addition to the 3 billion reais already announced by JBS' controller, J&F Investimentos.
