Abu Dhabi National Oil Company (ADNOC) is planning to float 10 percent of Borouge on the Abu Dhabi Securities Exchange (ADX) through an initial public offering (IPO).
UAE-based Borouge is a joint venture of the Abu Dhabi National Oil Company and Austria-based chemical company Borealis.
The company said that the offering is expected to open on 23rd May 2022, subject to regulatory approvals and other relevant considerations.
Through a potential listing of a minority stake in Borouge, ADNOC is offering investors another highly compelling investment opportunity to invest in a company that is set to play a vital role in the sustainable growth of Abu Dhabi and the UAE.
Dr. Sultan bin Ahmed Al Jaber UAE Minister – Industry & Advanced Technology MD & Group CEO – ADNOC
“Together with our long-standing partner Borealis, I am delighted to announce our intention to float a minority stake in Borouge, our petrochemicals joint venture, on the Abu Dhabi Securities Exchange. Following the highly successful listings of ADNOC Distribution, ADNOC Drilling, and Fertiglobe, ADNOC is bringing to the market a UAE-based, globally competitive market leader. This world-class business provides cutting-edge manufacturing, consumer, and infrastructure solutions and offers innovative technologies. This latest offering will be open to all citizens and residents of the UAE and international and local institutional investors. Through Borouge and our recently announced 25 percent equity investment in Borealis, ADNOC is poised to capitalize on the significant industrial and consumer-led growth in the petrochemicals sector over the coming decades. Today’s proposed listing, our fourth subsidiary to come to market, is another significant milestone in our highly successful value creation and strategic growth journey.”
According to the statement, Borouge will benefit from ADNOC’s recent equity investment in Borealis, which further expands ADNOC’s long-standing partnership with Borealis while accelerating the delivery of ADNOC’s broader Downstream and Industrial growth program.
Borouge
Established in 1998, Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, advanced packaging, mobility, and healthcare industries.
The Borouge portfolio of products comprises polyethylene and polypropylene, the two most common types of polymers, which are used for various applications such as sustainable packaging, pipes and fittings, wires and cables, automotive and medical applications.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
