{"id":225690,"date":"2022-05-20T19:31:01","date_gmt":"2022-05-20T19:31:01","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=225690"},"modified":"2022-05-21T09:37:33","modified_gmt":"2022-05-21T09:37:33","slug":"borouge","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/borouge\/","title":{"rendered":"Borouge promises shareholders strong dividends after listing"},"content":{"rendered":"

Abu Dhabi, (Business News Report)||<\/strong> Abu Dhabi\u00a0Polymers\u00a0Co Ltd\u00a0(Borouge) has promised shareholders to implement a strong dividend policy after listing the company on the Abu Dhabi Stock Exchange<\/a>.<\/p>\n

Hazeem Al Suwaidi, CEO of Borouge, said that his company aims to achieve a return on shareholders from free distributable cash flows, while maintaining an investment grade credit file, after listing on the Abu Dhabi Stock Exchange.<\/p>\n

He stressed that the company’s dividend policy will depend on the semi-annual payments, which take place in March and September.<\/p>\n

The company expects to pay a fixed dividend of 3.5 billion dirhams in 2022, including 1.2 billion dirhams for the second quarter and 2.3 billion dirhams for the second half of 2022, he said.<\/p>\n

He added, “We intend to pay fixed dividends of at least 4.7 billion dirhams in 2023.”<\/p>\n

The company achieved revenues of 20.2 billion dirhams, and profits of 5.5 billion dirhams during 2021.<\/p>\n

Al Suwaidi expected a strong increase in the demand for Borouge products, due to major global trends with the presence of new applications.<\/p>\n

Al Suwaidi announced on May 19 that the company’s initial public offering aims to enhance the company’s available liquidity and access new sources of capital.<\/p>\n

He pointed out that the offering contributes to accelerating the company’s business and supports the completion of expansion plans, business growth and productivity.<\/p>\n

The offering would contribute to providing great profit opportunities for investors, and enhancing their role in pumping new investments into the growth of the local economy, he said.<\/p>\n

In a separate context, ADNOC Abu Dhabi Petroleum will offer the shares of Borouge PLC, Abu Dhabi Creditor, for public subscription.<\/p>\n

ADNOC Abu Dhabi and its strategic partner, Borealis, announced their intention to offer a 10% stake in the Abu Dhabi Plastics Company Limited (Borouge Plc), a petrochemical joint venture, for an initial public offering on the Abu Dhabi Stock Exchange.<\/p>\n

Meanwhile, subscription for the offering shares will start on May 23, 2022, subject to obtaining approvals from the relevant regulatory authorities.<\/p>\n

Borouge was established in 1998 as a joint venture between ADNOC Abu Dhabi and Borealis to combine the strengths, experience and advantages of both companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi, (Business News Report)|| Abu Dhabi\u00a0Polymers\u00a0Co Ltd\u00a0(Borouge) has promised shareholders to implement a strong dividend policy after listing the company on the Abu Dhabi Stock Exchange. Hazeem Al Suwaidi, CEO of Borouge, said that his company aims to achieve a return on shareholders from free distributable cash flows, while maintaining an investment grade credit […]<\/p>\n","protected":false},"author":4,"featured_media":225727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[925,8478,278,512],"class_list":["post-225690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-abu-dhabi","tag-borouge","tag-featured","tag-uae"],"yoast_head":"\nBorouge promises shareholders strong dividends after listing | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Borouge has promised shareholders to implement a strong dividend policy after listing the company on the Abu Dhabi Stock Exchange.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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