Borouge PLC

On 29th April 2024, the Board of Directors of Borouge PLC held a meeting via video conference. During the meeting, the Board approved the company's financial statements for the first quarter of the current financial year 2024. The Board also discussed recent developments relating to the company's activities and projects. The information was disclosed to the Market Operations & Surveillance of Abu Dhabi Securities Exchange and a copy was sent to the Securities and Commodities Authority.

The CEO of Borouge PLC, Hazeem Sultan Al Suwaidi, has announced a Board of Directors meeting to be held via video conference on 29 April 2024. The main agenda items include the review and approval of the company's financial statements for Q1 2024 and discussion of general matters relating to the company's activities and projects. The notice is addressed to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange and copied to the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange has announced a change in the registry closing date for distributing cash dividends for the second half of the financial year 2023 of Borouge PLC. The original date coincided with the third day of Eid Al Fitr, a public holiday, so the new registry closing date has been set for 15 April 2024. A copy of this announcement has been sent to the Securities and Commodities Authority.

Borouge shareholders have approved a $1.3 billion dividend for 2023, with a plan to pay the same amount in 2024. This decision is supported by the company's strong cash generation and a healthy balance sheet. The company's major project, Borouge 4, which is set to increase production capacity by 1.4 million tonnes per year and generate $1.5 - $1.9 billion in revenue, is 60% complete. The company is also looking to expand globally, with a significant opportunity in the Asia Pacific region. Furthermore, Borouge is planning to expand its second ethylene unit to increase its olefins and polyolefins production by 230,000 tonnes by 2028. The company is also implementing various AI and advanced technology projects, aiming to generate an additional $280 million.

The Annual General Assembly Meeting of Borouge PLC was held on 28th March 2024, both in-person in Abu Dhabi and virtually. The meeting was chaired by H.E. Dr. Sultan Al Jaber, with a quorum of 91.82%. The assembly approved the Board of Directors' report on the company's activities and financial position, the external auditor's report, and both standalone and consolidated audited financial statements for 2023. The assembly also approved a cash dividend distribution of USD 650,000,000 for the second half of 2023, bringing the total cash dividend to AED 4,774,250,000 for the year. The board members and auditors were discharged from liability for 2023. The assembly approved a remuneration of AED 21.66 million for the Board of Directors' services in 2023 and appointed Ernst & Young Middle East as the external auditor for 2024 with a remuneration of USD 706,056 plus applicable VAT.

The Abu Dhabi Securities Exchange has announced that Borouge PLC's Annual General Assembly meeting will be held on Thursday, 28 March 2024, at 3 p.m. UAE time. The invitation and meeting agenda will be published in two daily newspapers in both English and Arabic on Thursday, 7 March 2024. Along with the announcement, the AGM invitation and a disclosure regarding AGM proxies are attached. A copy of the notification has been sent to the Securities and Commodities Authority (SCA).

The text appears to be a management discussion and analysis document for Borouge PLC's fourth quarter and full year of 2023, released on 1st February 2024. This document typically includes an overview of the company's financial performance and future outlook.