JBS (JBSS3) reported on Monday that it filed a foreign issuer and BDR-issuer registration requests for the Level II Commission of Securities (CVM), another movement towards the company’s double-listing plans in the United States and Brazil.
In a statement to the market, the Brazilian Protein Processor also said that it filed an issuer registration and admission to the BDRS listing before B3. Both requests are under analysis by CVM and B3, according to the company.
Last week, JBS announced that BNDESPAR, by which the Investment Arm of the National Bank for Economic and Social Development (BNDES) and the company’s second largest shareholder, with 20.8%participation, decided, after agreement with the company, to refrain from voting for the proposed double listing.
Bradesco BBI points out that registration and approval of the company’s BDR program are not a critical step that prevent the US listing from happening, but one more sign that processes seem to have advanced.
“Last week, JBS controlling shareholder J&F signed an agreement with BNDES, addressing what had been a key concern regarding the approval of the minority shareholders in a future meeting. SEC approval (CVM, USA’s, still missing and is undoubtedly the number of recently taken to the list, but the number of recently, but also closer, but the number of recent stages. than ever, ”says the bank.
“Even after the recent higher performance of stock price, we continue to see a lot of space for JBS stocks to be reclassified when the listing occurs,” with BBI maintaining a recommendation outperform (performance above the market average) and with target price of $ 48. Last week alone, the papers jumped 26%.
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(with Reuters)
