UAE's ADNOC and its Austrian partner, Borealis Chemicals, are planning an initial public offering (IPO) for their petrochemical joint venture (Borouge).

According to Arabiya Net, the Abu Dhabi Plastics Company Limited (Borouge), a company specializing in plastics, announced today, Wednesday, its intention to go public and list its shares. In the Abu Dhabi Securities Exchange.

The company, whose products are used in cars and food packaging, among other things, said the offering would consist of approximately three billion outstanding shares, representing 10% of the issued share capital. for the company.

And she added in the offering document, that the subscription in Borouge shares will start on May 23 and continue until May 28 for individual investors and until May 30 for institutional investors.

The company expects to allow its shares to be traded on the Abu Dhabi market on June 3rd.

Borouge plans to pay dividends to shareholders twice a year, and its ability to pay dividends depends on a number of factors such as its plans for capital spending and market conditions.

For fiscal year 2022, Borouge plans to pay a dividend of $325 million in September, and a dividend of $650 million in March of next year.

For fiscal year 2023, the company said it plans to pay shareholders a dividend of at least $1.3 billion.