Brazilian meat giant JBS has announced a second plan to list its international division in the US after its first scheme, which included moving the division to Ireland, was scrapped.

JBS said today its board has unanimously approving plans to list its international division, which includes Northern Irish poultry producer Moy Park, on the New York Stock Exchange.

Its board has approved the filing of a registration statement with the US Securities and Exchange Commission to list JBS Foods International, which incorporates all its non-Brazilian business.

JBS said it expects the IPO to complete during the first half of 2017.

The new plan is an amended version of the scheme drawn up earlier this year which would have seen JBS move its operations to Ireland to reduce costs as part of the IPO process.

That plan was vetoed by Brazil’s BNDES development bank, which owns 20% of the meat giant and had to be scrapped in October 2016. BNDES said the deal would “substantially alter the rights and duties of all of the company’s shareholders”.

Under the new structure of the spin-off, Wesley Mendonça Batista will be the chairman, a non-executive director, of JBS Foods International.

The board of JBSFI will be composed of nine members, the majority of whom will be independent. Gilberto Tomazoni, who has held senior executive positions at JBS for the past four years, will be the CEO, while Russ Colaco will be CFO.

JBS said today: “The company believes that this revised structure and proposed IPO reflects its global production platform, product portfolio and broad international customer base.”

Its domestic business will continue to be managed and controlled by Brazil-listed JBS S.A.

JBSFI will now have its official registered office in The Netherlands.

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