TE24 Business Desk:
RIYADH – Borouge, a joint venture between Abu Dhabi National Oil Co. and Austrian chemicals producer Borealis, plans to float a minority stake in the company on the Abu Dhabi Securities Exchange.
The Abu Dhabi-based company aims to go public with the listing of 10 percent of its shares, by early June this year, Bloomberg reported.
The listing is expected to raise about $2 billion, with the business valued at roughly $20 billion, the source added.
Borouge, founded in the late 90s, produces plastics used in a wide range of products, from automobiles to food packaging to medicine vials and plumbing systems.
The company plans to begin its offering for retail investors on May 23, and run through May 28.