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Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis plan an initial public offering of their petrochemicals joint venture Borouge.

Borouge, which is a specialty plastics firm that produces polyolefins, announced on Wednesday its intention to float (ITF) and list its shares on the Abu Dhabi Securities Exchange (ADX).

The company, whose products are used in cars and food packaging among other things, said its offering will consist of approximately 3 billion existing shares, representing 10% of the company’s issued share capital.

Borouge’s offering will begin May 23 and run to May 28 for retail investors and May 30 for institutional buyers, the company said in its ITF document.

The company expects its shares to be admitted for trading on the ADX on June 3.

Borouge plans to pay dividends to its shareholders biannually, and its ability to pay the dividends depends on a number of factors such as its capital expenditure plans and market conditions.

For the financial year 2022, it plans to pay a dividend in September of $325 million and the following March of $650 million.

For the financial year 2023, it said it plans to pay shareholders a dividend of no less than $1.3 billion.
Source: Reuters (Reporting by  Hadeel Al Sayegh; Editing by Chris Reese and Cynthia Osterman)

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