JBS S.A. will delay its planned listing on the New York Stock Exchange until the second half of 2024, according to a Bloomberg report.
The company will file a new registration statement with the Securities and Exchange Commission after JBS’ earnings release on March 26. Delaying the move will allow investors more time to vote on it, but pushing it back makes it unlikely the processor will have time to get the proposal approved by shareholders before the end of June, the report said.
“We are not in a hurry because we have no need to raise capital,” Chief Financial Officer Guilherme Cavalcanti was reported as saying in an interview.
The process was originally expected to be completed in 2023. The proposal was received well by investors but has faced pushback from activists and lawmakers over the company’s environmental footprint, Bloomberg said.
“I have confidence in all we are doing in terms of sustainability, to improve our supply chain, to boost visibility and transparency to what’s going on,” Cavalcanti said.
