JBS Now Expects Entry Into New York Stock Exchange At End of 2018

08/16/2017 - 11h25

JBS President Wesley Batista said on Tuesday (15th) that he wants to resume plans to trade on the New York Stock Exchange in the second half of 2018.

The project was considered an essential step for the meatpacking giant to take a leap forward in its international expansion, but was aborted after JBS admitted in a plea bargain deal the payment of bribes to politicians.

"We believe we can be prepared for, possibly in the second half of the year, to make the IPO [initial public offering]", Batista said at a conference with analysts.

Initially due to take place until June this year, the JBS Foods International's share launch was compromised after the plea bargain was made public on May 17.

The case gave rise to charges against President Michel Temer and caused a crisis in the company's image - the shares it already had on the Brazilian stock market fell and assets had to be sold.

On Monday (14th), JBS announced its financial results for the second quarter, with an 80% drop in net profit compared to the same period of last year, to R$ 309.8 million (US$ 97.1 million).

REMUNERATION

Despite the crisis generated by the plea bargain of its controlling shareholders, JBS proposed to its shareholders an increase of R$ 10 million (US$ 3 million) in the amount destined to the remuneration of its administrators in 2017, which was set at R$ 17 million (US$ 5.3 million) in a meeting held on April 30.

Translated by MARINA DELLA VALLE

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	Paulo Whitaker/Reuters
	General view of Brazilian meatpacker JBS in the city of Jundiai, Brazil