June 20, 2017 / 4:16 PM / a year ago

Brazil's BNDES arm not considering selling JBS stake, CEO says

RIO DE JANEIRO, June 20 (Reuters) - The investment arm of Brazil’s state development bank BNDES is not considering selling a 21 percent stake in meatpacker JBS SA, whose controlling shareholder remains ensnared in a corruption scandal and a mudslinging with the country’s president.

Speaking at a Tuesday event in Rio de Janeiro, BNDES Chief Executive Officer Paulo Rabello de Castro said that BNDESPar is not mulling exiting the company, because the moment now is “to help preserve jobs and revenue” at JBS, which is the world’s second-largest food processor. JBS is also the world’s No. 1 meatpacker. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal)

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