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.
ADXinteract reveals sales climb 173% in value to AED 84.49 billion and 103% in volume…
Keturah founder says new climate research demands rethink from region’s developers Dubai, UAE, 2nd July…
Ras Al Khaimah is rapidly strengthening its position as one of the Middle East’s fastest-growing…
Abu Dhabi is reinforcing its position as one of the world's fastest-growing financial centres as…
Representatives from various legal aid agencies in New York City assembled in City Hall Park…
Keturah founder says citywide focus on behaviour, design and daily experience raises the bar across…