Salik Announces Intention to Float on the Dubai Financial Market
Salik Company PJSC, Dubai’s exclusive toll gate operator, today announces its intention to proceed with an initial public offering and to list its ordinary shares for trading on the Dubai Financial Market.
Key Highlights of the Offering
One billion five hundred million (1,500,000,000) Shares each with a nominal value of $0.0027 (AED 0.01) will be made available in the Offering, representing 20% of Salik’s total issued share capital;
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, 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 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;
Admission is expected in September 2022.
H.E. Mattar Al Tayer, Chairman of Salik’s Board of Directors said: “Thanks to the wise leadership of His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice President of UAE, Dubai has succeeded in laying a clear economic path and an ambitious growth plan.”
The Chairman further stated that the Company is in a prime position to benefit from additional growth opportunities and is designed to ensure efficient operations.
Forward Thinking Organisation with a Sustainable Agenda, Aligned with Dubai’s ESG Goals
Salik is aligned with Dubai’s green energy transition, partly due to its free-flow toll gate system which reduces congestion by reducing starting and stopping, thereby helping to lower emissions.
The Company has been incentivising sustainable mobility via subsidies, such as, as at the date of this Offering Memorandum, offering free Salik tags to owners of electric vehicles.
The Company has also committed to installing solar power capabilities in all existing gates over the next few years, with the Jebel Ali gate currently the first gate that utilises solar power for approximately 15% of its power requirements.
The Company expects that any future gates built will also have solar power capabilities.