Brazil-based beef producer JBS has unveiled plans to restructure its overseas businesses into a new entity that will be based in Ireland and listed on the New York Stock Exchange.
JBS SA's new entity will be named as JBS Foods International, while JBS SA will be known as JBS Brasil.
Media reports state that the company has not decided where in Ireland the office would be located.
Shareholders will initially receive one share in the new company for every share they hold in the parent company. In addition, shareholders of the parent entity will also be able to exchange their JBS SA shares for additional shares of JBS Food International.
In case more than 50% of JBS SA shares have been traded in, JBS Food International will then become the controlling company of JBS SA.
This plan is yet to secure approval of the JBS SA's shareholders and regulators.
The new entity will hold the non-Brazilian beef, chicken and processed-food segments, in addition to the Seara Brazilian chicken and processed food business unit, reported Farmfutures.com.
Current JBS SA CEO Wesley Batista will become the CEO of the new company.
