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Dubai’s SALIK Will IPO

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Salik

STOCK MARKET NEWS!

Following the success of DEWA and Tecom, Salik, your friend and neighbourly toll operator announces its intention to proceed with an initial public offering, an IPO, and to list its ordinary shares for trading on the Dubai Financial Market. Salik is a big business, it launched in 2007 and it’s currently got 8 toll gates placed in high traffic areas with 3.6 million vehicles registered on its toll system. Scroll down for the key highlights.

Salik is listing 20% of its issued share capital on Dubai’s Financial Market

Here are the important bits

  • The offering will reach one billion five hundred million Shares each with a nominal value of AED 0.01 will be made available in the Offering, representing 20% of Salik’s total issued share capital. The subscription period will open on 13 September 2022.
  • The Offering comprises Individual Subscribers (first tranche), Professional Investors (second tranche), and Eligible Employees (third tranche)
  • The subscription period will open on 13 September 2022 and is expected to close on 20 September 2022 for UAE Retail Investors and on 21 September 2022 for Qualified Investors
  • The Government of Dubai, represented by the Department of Finance, (the “Selling Shareholder”), reserves the right to amend the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (the “SCA”)
  • The Internal Sharia Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to ensure that the Offering is Shariah compliant for their own purposes

Via Dubai Media Office – see it here

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