The largest meat processor in the world has announced that it has filed for a renewal of its buy-back program. In a market filing, the board of Brazil's JBS SA has restarted to buy-back up to 10 percent of its common shares in circulation from July 4th. This will allow JBS SA to get around 91.5 million in additional shares. The company has already acquired 76.1 million shares from a previous buy-back program.
The present buy-back, which will run for a full year until July 4, 2014, is expected to generate a total of 167.6 million shares for the company. This equates to 10 percent of the total shares currently circulated.
JBS SA is formerly known as Friboi Ltda.. Based in Brazil, it is in the business of meat production, cold storage, and the production and sale of cattle, pork, and chicken meat. Its subsidiaries are also engaged in other businesses like leather tanning, retail sale of meat and barbecue-related items, and dairy processing and distribution, among others.
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