Unigel Plans Singapore IPO Amid Green Hydrogen Project Advancements
Key Ideas
  • Unigel completed a debt restructuring of R$5.1 billion and plans to list shares on the Singapore Exchange to advance its green hydrogen project.
  • The company's control is split between the Slezynger family and creditors, with potential IPO discussions within three to six months.
  • Fresh capital raised will be used for projects like a sulfuric acid plant in Bahia, governance changes, and green hydrogen production facility in Brazil.
  • Unigel is in advanced negotiations with a foreign company for the green hydrogen project and is exploring opportunities with Petrobras for low-carbon projects.
Unigel successfully completed a debt restructuring process of R$5.1 billion and is now looking to list shares on the Singapore Exchange in the near future. This move comes as the company advances negotiations for its green hydrogen project. The restructuring plan, which included a 20% minimum float of the company's capital, allowed the Slezynger family and creditors to each hold 50% of the shares. The company aims to resume growth projects, including completing a sulfuric acid plant in Bahia and making governance changes. Unigel also plans to build a green hydrogen production facility in Brazil. Regarding the green hydrogen project, Unigel is in talks with a foreign company to develop a plant in Bahia that would produce green hydrogen using renewable energy. The company is also exploring opportunities with Petrobras for low-carbon projects, despite some strained relations over natural gas supply contracts and idle fertilizer plants. Unigel's recovery plan focuses on styrene production, with the completion of the sulfuric acid plant crucial for its financial growth projections. The company expects significant cost savings from this plant, supporting its financial targets for the future.
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