‘Salik’ announces intention to float on Dubai Financial Market

‘Salik’ announces intention to float on Dubai Financial Market

DUBAI, 5th September, 2022 (WAM) -- Salik Company, Dubai’s exclusive toll gate operator, today announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM).

In a statement on Monday, Salik stated that one billion five hundred million (1,500,000,000) shares each with a nominal value of AED0.01 will be made available in the Offering, representing 20% of Salik’s total issued share capital.

It added that the offering comprises Individual Subscribers (first tranche); Professional Investors (second tranche), and Eligible Employees (third tranche). The subscription period will open on 13th September 2022 and is expected to close on 20th September 2022 for UAE Retail Investors and on 21st 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 has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles.