IHC TO INVEST AED 183 MILLION AS CORNERSTONE INVESTOR IN BOROUGE IPOMay 23, 2022
Abu Dhabi, UAE; 23 May 2022: Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC), announced today an investment of AED 183 million as cornerstone investor in the Initial Public Offering (IPO) of Borouge plc (Borouge) on the Abu Dhabi Securities Exchange (ADX). IHC will make this investment at the IPO price and commit to invest across the entire IPO price range, announced this morning.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “IHC is driven to further cement its position as a global player, pursuing high return assets in line with its vigorous diversification strategy. With growth across regional capital markets, namely the petrochemical sector, we are set to capitalize on this as cornerstone investor in Borouge. This investment directly aligns to our company ongoing focus in innovative clean-energy companies with resolute ESG principles that target the challenges of plastic waste recycling and generate long-term sustainability. IHC remains steadfast in developing a fully integrated, multi-sector portfolio to achieve its long-term objectives of high growth and high returns for shareholders.”
Borouge announced its Intention to Float on the ADX on 18 May 2022 and is expected to list its shares on 3 June 2022.
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