UAE’s Borouge to sell 10% of its shares via IPO; to list in Abu Dhabi
SINGAPORE (ICIS)–UAE-based polyolefins producer Borouge on Wednesday said that is planning an initial public offering (IPO), and to list the company on the Abu Dhabi Securities Exchange (ADX) by early June this year.
The offering will consist of around 3bn ordinary shares representing 10% of the petrochemical producer’s issued share capital, Borouge said in a statement.
The offering will run from 23 May to 28 May for retail investors.
The company expects its shares to be admitted for trading on the ADX on 3 June.
Borouge is a joint venture between Abu Dhabi National Oil Company (ADNOC) and Austria-based producer Borealis.
Under the IPO plan, ADNOC will hold a 54% shareholding in Borouge, while Borealis’ stake will be 36% in the joint venture firm.
Borouge’s production capacity currently stands at around 2.7m tonnes/year of polyethylene (PE) and 2.2m tonnes/year of polypropylene (PP), according to the company.
The company in March this year started up its new 480,000 tonne/year fifth polypropylene (PP) unit at its Ruwais site.