In response to requests made by investors holding American Depositary Receipts (ADRs) of JBS S.A., the company said this week that it has proposed a change in the structure of the dual listing in Brazil and the U.S. The change will allow these investors to exercise their voting rights at the extraordinary general meeting that will deliberate on the transaction (EGM), the company said.

JBS said it continues to work on the preparation of the necessary documentation to call the EGM, which will be timely disclosed and will include such information about the presence and exercise of voting rights by the company's shareholders and ADR holders.

“Completion of the transaction depends on several factors beyond the control of JBS N.V., JBS Participações and JBS S.A., and it is not possible to accurately estimate if and when the dual listing will be completed,” the company said, adding that it is working to conclude the dual listing by December 31, 2023.

“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, while creating opportunities for the communities where we operate and for our more than 260,000 team members around the world,” Gilberto Tomazoni, chief executive officer of JBS Global, said of the dual listing when it was announced in July.

Related:JBS pursuing dual stock exchange listing in Brazil and U.S.

With annual revenues of R$375 billion, JBS operates a diversified, global food production platform, with operations and commercial offices in 24 countries, and over 330,000 customers in more than 190 countries. Established in Brazil 70 years ago, nearly 60% of its global workforce resides in Brazil, producing food and related products in more than 130 production facilities spread across all regions of the country. The company also has significant operations in North America, Europe, the UK, Australia and New Zealand. 

The company has said its proven operational structure, including assets, supply chains and financial flows around the world, will not be impacted by the proposed dual listing.