Dubai’s Salik to sell 20% shares via IPO; may introduce ‘dynamic pricing’ for motorists

Dubai’s Salik to sell 20% shares via IPO; may introduce ‘dynamic pricing’ for motorists

Gulf Today Report Salik would raise up to one billion dollars from offering 20% of the company to the public offering, which means the company's valuation at 5 billion dollars (18.35 billion dirhams), according to Reuters and Bloomberg sources. Salik said that it would provide 1.5 billion shares with a nominal value of 0.01 dirhams per share during the subscription process. The Dubai government, represented by the Department of Finance, expects to sell 20% of the total issued capital of Salik, with the selling shareholder retaining the right to amend the size of the offering at any time before the end of the subscription period at its absolute discretion and based on the applicable laws and after the approval of the Securities Authority and goods. Moreover, as part of the offering of qualified investors, and in accordance with both the Companies Law and Dubai Law: 5% of the shares of the offering will be reserved for the Emirates Investment Authority, and 5% of the shares of the offering will be reserved for the Pension and Social Security Fund for the local military. The subscription period for individuals in the UAE is expected to extend from 13 to 20 September 2022,