Alpha Dhabi Holding, one of the fastest-growing investment holding companies in the UAE, listed on the Abu Dhabi Securities Exchange, has made a AED367 million ($100 million) investment into Borouge’s initial public offering (IPO).
Alpha Dhabi’s investment comes as the company continues to scale its highly diversified portfolio through recent acquisitions and investments in Alpha Wave Ventures II Fund, Wio Bank and Dewa’s recent IPO.
This investment in Borouge, one of the world’s leading petrochemical firms with strong fundamentals and significant growth potential, supports the company's investment criteria from both a company profile and sector perspective by adding further weight to our petrochemical vertical which remains a key target sector for Alpha Dhabi, it said.
Eng Hamad Al Ameri, CEO of Alpha Dhabi Holding, said: "Over the last couple of years we have seen a significant development of Abu Dhabi capital markets and its ecosystem, which have become increasingly mature, dynamic and liquid. Alpha Dhabi’s investment in Borouge’s IPO is another example of our continued support in the ongoing development of regional capital markets. These types of investments continue to be a core focus for Alpha Dhabi as we grow our platform and portfolio, and we are proud to be a cornerstone investor in Borouge’s IPO.”
Meanwhile, Abu Dhabi-based global strategic investment company, International Holding Company (IHC), has announced an investment of AED183 million ($50 million) as cornerstone investor in the IPO of Borouge.
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 capitalise 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 May 18 and is expected to list its shares on June 3. - TradeArabia News Service