Brazil food giant JBS to dual list stock on NYSE and Brazil's B3 exchange

Brazil-based food company JBS said Wednesday it plans to list company stock on the São Paulo Stock Exchange (B3) and the New York Stock Exchange. JBS currently trades on the OTC under the symbol JBSAY, with a market cap of $8 billion, according to MarketWatch data. The company, which operates in 24 countries with more than 260,000 team members, said it will use Brazilian depositary receipts (BDRs) to trade on the B3 exchange, backed by Class A shares on the NYSE. "The dual listing strategy will accelerate our capacity for diversification and growth into more branded and value-added food products, reduce our cost of capital and generate greater returns for shareholders," said JBS Global CEO Gilberto Tomazoni. The company did not provide a timetable for the dual listing. In OTC trading JBS stock is down 15.7% so far in 2023, compared to a 15.6% increase by the S&P 500.

-Steve Gelsi

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07-12-23 0702ET

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