Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis AG are considering a potential initial public offering (IPO) of their joint venture plastics business Borouge.
“ADNOC and Borealis will provide further material updates as and when appropriate,” ADNOC said in a statement. The share sale would be for a minority stake, it said without disclosing further details.
Last year ADNOC listed its drilling business in Abu Dhabi’s largest IPO yet. Fertiglobe, a joint venture between ADNOC and chemical producer OCI, also had a market debut last year and ADNOC floated shares in its distribution business in 2017. Writing by Yousef Saba Editing by David Goodman
This article was originally published by Reuters.
By Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand Global luxury…
Sales surge across all property segments as June takes Q2 deals to 38,157 worth AED110.2 billion …
Keturah founder says premium property market keeps proving its durability as villa, apartment deals average AED…
Jordan's luxury hospitality and lifestyle sector is witnessing renewed momentum as international hotel brands, premium…
Saudi Arabia's banking sector is entering a new phase of transformation, with Riyadh emerging as…
FIA President Mohammed Ben Sulayem says Clubs and government authorities are being given the tools…