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COMMERCIAL NEWS

Multiply to invest $50m in Borouge IPO as cornerstone investor

May 23, 2022 9:19 AM

Multiply Group a technology-focused holding company based in Abu Dhabi will be a cornerstone investor in the Borouge Initial Public Offering (IPO) and purchase shares worth AED183.75 million ( 50 million)....

Multiply Group, a technology-focused holding company based in Abu Dhabi, will be a cornerstone investor in the Borouge Initial Public Offering (IPO) and purchase shares worth AED183.75 million ($50 million). Multiply plans to make this investment at the final offer price set by Borouge. 
 
Samia Bouazza, CEO and Managing Director at Multiply Group, said: “Our investment underpins our confidence in the Abu Dhabi market which has maintained strong momentum in its capital market despite the ongoing global economic uncertainty. 
 
“We see this momentum continuing on the back of solid economic growth in Abu Dhabi and ADX’s growing depth, resilience and sophistication. 
 
ESG principles
“There is real and tangible demand for the many types of innovative solutions being produced using the latest technologies by Borouge across different industries such as healthcare, mobility, agriculture and infrastructure especially in developing countries where it is concentrating its next phase of expansion. 
 
“They have grown into one of the world’s largest, sustainably producing polymer manufacturers, increasing its production by 10 times since 2001, reaching $5.5 billion in revenue in 2021. We expect this growth to continue, on the back of global population growth and urbanisation, especially for recyclable solutions. This key focus on ESG principles is a very important factor in our own investment thesis.”
 
This investment is also an opportunity to partner with Adnoc Group, which is set to play a vital role in the sustainable growth of Abu Dhabi and the UAE. 
 
Borouge has adopted a comprehensive sustainability agenda with a strong focus on promoting a zero-waste plastics circular economy. It aims to reduce its Scope 1 emissions 25%, its energy intensity 30% and continuous flaring 100% by 2030. 
 
Investments worth $100 million
The last 12 months has seen the group make investments of AED367 million $100 million in Dewa as a cornerstone investor in its IPO, alongside digital and ecommerce platforms with substantial earning potential and international high growth firms, including US vehicle-focused digital media platform Firefly, global visual content firm Getty Images, Rihanna's direct-to-consumer e-commerce fashion firm Savage X Fenty, PAL Cooling Holding, Emirates Driving Company, and Viola Communications.
 
Multiply recently posted its Q1 2022 financial results, achieving a net profit of AED334.9 million. The group’s strategy is to pursue profitable growth through a diversified portfolio striking a balance between steady companies that generate recurring income and high-growth businesses.-- TradeArabia News Service
 
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