SÃO PAULO – Minerva SA, a prominent beef processor in Brazil, announced plans for a public offering with a goal of raising up to 1.368 billion reais ($327 million).
The beef company stated in its filing that it plans to sell 80 million new shares in the offering along with another 15 million existing shares owned by VDQ Holdings. According to an ownership breakdown on the Minerva website, VDQ owns 27.21 percent of the company as of Nov. 22, 2019.
According to the company, prices for shares will be determined on Jan. 23
Minerva SA produces around 25,480 head of cattle per day. The company currently works in Brazil, Paraguay, Argentina, Uruguay and Colombia. It also operates in the foodservice sector through Minerva Dawn Farms joint venture.
The company trades in the US on OTCQX under the symbol "MRVSY," where each ADR represents four ordinary shares.