By Ana Mano and Luciana Magalhaes
SAO PAULO (Reuters) - JBS SA (OTC:JBSAY), the world’s largest meat-packer, appears to have moved a step closer to obtaining the necessary approvals for a primary listing of shares on the New York Stock Exchange, according to a regulatory document filed with the U.S. market regulator.
The U.S. listing, which has been in the works for years, would provide access to a broader pool of investors and possibly aid JBS, which is now primarily listed in Brazil, in raising its valuation closer to its industry peers.
In the filing, issued on Friday, JBS projects that its board of directors could convene as early as April 22 to call a general meeting of JBS shareholders, who are required to decide on whether they approve of the company’s "dual listing" plan.
The general shareholders meeting could be held around May 23 and the first day of trading of JBS shares in New York could be around June 12, according to the filing that the company sent to the Securities and Exchange Commission (SEC).
Igor Guedes, an equity analyst at Genial Investimentos, said the tentative dates seem to be "a good sign" that suggest that JBS may be optimistic about the timing of its U.S. listing. He noted, however, that the schedule isn’t entirely under the company’s control.
A source familiar with JBS’ U.S. listing procedures said the SEC had requested the company to estimate possible dates to turn in the F-4 filing used to register securities by foreign private issuers, noting that they are currently tentative and subject to change.
"The JBS S.A. General Meeting tentatively scheduled for May 23, 2025 will not be called if the registration statement on Form F-4 of which this prospectus is a part is not declared effective," the company said in the regulatory filing, noting that the meat-packer still needs the approval from the U.S. regulator to move forward with its plan.
With the dual listing, JBS stocks would trade both in the U.S. and in Brazil, where it will issue Brazilian depositary receipts.
Last month, the second largest shareholder of JBS, the equity arm of Brazil’s development bank BNDESPar, said it would abstain from voting at the upcoming shareholders meeting. The announcement boosted JBS’ share price because there was uncertainty about whether BNDESPar would endorse JBS’ U.S. listing strategy.
JBS declined to comment. The SEC did not immediately respond to a request for comment.