Dubai Ruler turns road toll operator Salik into a public joint stock company in ‘step towards IPO’ – Arabian Business

Dubai Ruler turns road toll operator Salik into a public joint stock company in ‘step towards IPO’ – Arabian Business

In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, has issued Law No (12) of 2022 establishing road toll operator Salik as a public joint stock company (PJSC).

As a public joint stock company, the firm will have legal, financial, and administrative autonomy to carry out its activities and achieve its objectives.

The chief investment officer at Century Financial, Vijay Valecha, said: “Salik’s conversion to a public joint stock company is a step forward in its journey toward an IPO. The decision of the government to permit up to 40 percent public shareholding gives it the option to monetize the assets at a good price when needed.