Adnoc, Borealis Plans IPO of Plastics Joint Venture Borouge - Bloomberg
Abu Dhabi National Oil Co. and Borealis AG are weighing an initial public offering of their plastics joint venture Borouge, according to people familiar with the matter.
The state-owned energy company and Austrian chemicals group are exploring options for the business, including a possible IPO next year, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and no final decisions on the timeframe for any listing have been taken, according to the people. Adnoc and Borealis could also explore alternatives to an IPO, they said. Representatives for Adnoc and Borealis declined to comment.
Founded in the late 1990s, Borouge manufactures plastics used in everything from automobiles and food packaging to medicine vials and piping systems. Its main plant is in Abu Dhabi. The company employs more than 3,000 people and serves customers across the Middle East, Africa and Asia.
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