Page 15 - DMEA Week 22 2022

DMEA NEWS IN BRIEF DMEA

contribution to support the diversification companies for local and global investors. This platform and lead the petrochemical industry
of Abu Dhabi’s buoyant and dynamic equity is a defining moment for the UAE’s capital transition.”
capital market and reinforces ADNOC’s and regulatory markets. As Abu Dhabi’s Founded in 1998 as a strategic joint
continued role as the critical enabler of growth International Financial Centre, we’re seeing a venture between ADNOC and Borealis,
and expansion of the UAE economy and significant increase in companies registering Borouge is one of the world’s leading
private sector and in solidifying Abu Dhabi’s in ADGM and exploring listings in the providers of innovative and differentiated
position as global investment destination of UAE to capitalise on the strong local and polyolefin solutions for the agriculture,
choice. international investor demand for the UAE’s infrastructure, energy, packaging, mobility
“As part of our ongoing value creation national champions. As a destination of choice and healthcare industries. With the landmark
programme, we will continue to unlock that helps businesses thrive, ADGM will IPO offering local and international investors
opportunities to expand our investor base continue to support organisations across Abu the opportunity to own shares in one of
and access to capital, while providing Dhabi to achieve their ambitions.” the world’s leading petrochemical players,
domestic and international investors with Hisham Khalid Malak, Chairman of Borouge expects to pay a dividend of $975
the opportunity to invest and partake in the ADX, commented, “We congratulate million for the fiscal year 2022; and to pay a
the growth of our world-class portfolio of Borouge on their successful IPO, and we are dividend of no less than $1.3 billion for fiscal
energy assets. Working closely with our long- excited to welcome them on the Abu Dhabi year 2023, equivalent to a 6.5% dividend yield
standing strategic partner Borealis, ADNOC Securities Exchange as one of the largest based on the offer share price.
will remain a committed majority shareholder IPOs in the history of our dynamic exchange, Over the last six years, ADNOC has
in Borouge, and we look forward to delivering marking yet another immense milestone actively managed its businesses and
sustainable growth and long-term benefits for for us. Borouge is a prime example of the capital and successfully developed a more
Abu Dhabi, the UAE, and our shareholders.” strong and global partnerships that Abu open, flexible and innovative partnership
Borealis CEO, Thomas Gangl, commented, Dhabi continues to foster, which have led to model across its integrated upstream and
“The extraordinary subscription numbers and Borouge going from strength to strength as a downstream value chain. This value creation
interest in becoming a shareholder of Borouge leading petrochemicals firm. ADX is proud and growth strategy is enabled by a $127
underpin the attractiveness of the company of the central and pivotal role it continues to billion (AED466 billion) capital investment
and the growth path Borealis and ADNOC play in Abu Dhabi’s economic diversification programme across the Group between 2022
have been embarking on successfully over efforts as we seek to attract further world- to 2026.
the years. The successful IPO facilitates the class companies that deliver a wide range of Borouge employs over 3,100 people and
expansion of the Group towards its next products and services and add diversification serves customers in more than 50 countries
milestone, Borouge 4, and the ongoing efforts to our growing offering and capital market across Asia, the Middle East and Africa.
in providing innovative and differentiated ecosystem.” Upon listing, ADNOC will continue to own a
polyolefin solutions. Borealis, together with Hazeem Sultan Al Suwaidi, Chief Executive majority 54% stake in Borouge, while Borealis
its long-standing partner ADNOC, continues Officer of Borouge, said, “We are proud to ME will hold 36%.
to be a proud shareholder and welcomes have completed this highly successful IPO WAM
the new shareholder base and opportunity and to begin our first day of trading on
for investors to participate in the attractive ADX. Borouge has seen exceptionally strong EFG Hermes concludes
journey ahead for the company.” demand from regional and international
Ahmed Jasim Al Zaabi, Chairman of investors, with significant cornerstone role as Borouge joint
ADGM, said, “We congratulate Borouge commitments from high-quality investors,
on this important milestone and the a clear indicator of the strength of our bookrunner
significant interest it has generated the world investment thesis and strategic roadmap. We
over. Despite volatile global markets, high are excited to welcome our new shareholders, EFG Hermes’ investment banking division
investor interest in Borouge demonstrates and we will continue to focus on driving our has successfully concluded its role as joint
the untapped potential and value of UAE strategy to grow our innovative polyolefins bookrunner on Borouge’s $2bn (Dhs7.35bn)

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