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Emirati state-run Salik to list 1.5B shares on DFM

Emirati state-run Salik to list 1.5B shares on DFM

ArabFinance: UAE’s state-owned toll service provider Salik Company announced intentions to list 1.5 billion shares at a nominal value of AED 0.01 per share in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an emailed statement on September 5th.

The offering will be executed in three tranches for individual subscribers, professional investors, and eligible employees.

Subscription will start on September 13th and is anticipated to end on September 20th for retail investors and on September 21st for qualified investors.

The UAE’s Department of Finance shall have the right to amend the offered stake at any time before the end of the subscription period.

The Internal Sharia Supervision Committee of Emirates NBD Bank certified that Salik’s offering is sharia-complaint.

Salik’s share capital at the date of the listing was set at AED 75 million divided into 7.5 billion Shares at a value of AED 0.01 per share.

The company plans to pay dividends in April and October of each fiscal year. The first dividend is expected to be paid for the second half of 2022 by April 2023.

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