Mubasher: Petrochem, the largest chemical distributor in the Middle East and Africa, is not looking to file for an initial public offering (IPO) until 2022, the company’s CEO said.
The company does not intend to file for any IPO in the meantime as the markets are not ready and will erode its value, the UAE-based online business news platform Arabian Business reported, citing Yogesh Mehta.
“We see the demand-supply situation and want to instead grow organically. So not until 2022,” Mehta said.
Petrochem, established in 1995 in the UAE, is currently looking to acquire companies over the mid-term. “What we’re looking for are chemical speciality companies in the $100-150million range. We’re exploring markets right now that could be lucrative for us,” he highlighted.
The company is also considering to build storage terminals around the Middle East and maybe Egypt, which will enable it to distribute further and increase its value, he added.
Petrochem logs an annual turnover of $1.4 billion. It also has a storage terminal in Dubai’s Jebel Ali Freezone, one of the most sophisticated facilities of its kind in the world, that the company would aim to build on another the future.
