ADNOC plans to offer 10% of Borouge shares for public subscription

The Abu Dhabi National Oil Company (ADNOC) and its strategic partner, Borealis, announced their intention to offer a 10% stake in Abu Dhabi Polymers Company Limited (Borouge Plc), a petrochemical joint venture, for an initial public offering on the Abu Dhabi Stock Exchange.

It is expected that the subscription for the offering shares will start on May 23, 2022, subject to obtaining approvals from the relevant regulatory authorities.

By offering a minority stake in Borouge to the public, ADNOC provides an exceptional opportunity for investors to participate in the growth story of a pioneering company that will play a pivotal role in achieving sustainable growth for the Emirate of Abu Dhabi and the UAE in general.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, said: “In line with the leadership’s directives, (ADNOC) continues its efforts to support the growth and diversification of the economy and the development of capital markets in the UAE. Today, we announce the intention of (ADNOC) and our strategic partner (Borealis) to offer a minority stake in (Borouge), our petrochemical joint venture, on the Abu Dhabi Securities Exchange.

He added: "This step comes after the successful listing of (ADNOC Drilling) and (Vertiglobe), thus joining (Borouge) to the local capital markets, as a leading company based in the UAE, and competing strongly in global markets by providing innovative solutions in the field of polymers. industry, infrastructure and consumers.

Al Jaber continued, "The subscription to (Borouge) shares will be available to citizens and residents in the UAE, in addition to international and local investment institutions."

He explained, "Through the offering of (Borouge), and our recently announced investment of acquiring 25% of the shares of (Borealis), (ADNOC) is preparing to benefit from the rise in demand for the petrochemical sector in the coming decades, which is led by the industrial and consumer sectors."

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