Borouge to sell 10% of its shares in ADX

Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis announced a plan to sell 10 percent of their petrochemicals joint venture Borouge in Abu Dhabi Securities Exchange (ADX).

The UAE retail offering will begin from the 23rd of May to the 28th of May 2022. Meanwhile the qualified investor offering subscription period is to begin on June 23rd of May to 30th of May, 2022. The admission of shares to the trading is expected to be on June 3rd of this year, the companies said. 

Dividends will be paid twice each fiscal year after the offering, the company said. “Following the Offering, the Company expects to pay fixed dividends of US $325 million in September 2022 and US $650 million in March 2023, both relating to financial year 2022, totalling US $975 million,” they said in a statement. 

“Today’s proposed listing, our fourth company to come to market, is another significant milestone in our highly successful value creation and strategic growth journey,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO.

ADNOC has listed its drilling business, ADNOC drilling, which is Abu Dhabi's largest IPO to date. The group floated shares in ADNOC distribution in 2017. It has also listed Fertiglobe which is a joint venture between ADNOC and chemical producer OCI. 

Borouge was established in 1998, it offers manufacturing, consumer and infrastructure solutions and innovative technologies. The petrochemical company’s products are used in cars, packaging and healthcare