Picture used for illustrative purposes.
Salik Company on Friday announced that it has increased the number of shares offered in Salik’s Initial Public Offering (IPO) from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares, which would result in an increase in the Offer Size from 20.0% to 24.9% of Salik’s share capital, with the Government of Dubai continuing to own 75.1% of Salik’s existing share capital.
Salik has also received approval from the Securities and Commodities Authority (SCA) to allocate the increase of the Offer Size to the respective tranches as follows: the First and Third Tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or c.7.8% of the Offer Size), whilst the Second Tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or c.92.2% of the Offer Size).
The new offering size was determined by the Selling Shareholder, following Salik’s decision to set the offer price at Dhs2.00 per ordinary share on 13th September 2022, providing investors with a highly attractive value proposition. The decision also reflected Salik’s prioritisation of supporting aftermarket trading performance post-listing.
The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on 20th September, 2022, and the Qualified Investor Offering will close on 21st September, 2022.
Salik is expected to commence trading on the Dubai Financial Market (DFM) on 29th September, 2022, under the symbol "SALIK" and ISIN AEE01110S227. The Company’s starting market capitalisation is expected to be Dhs15.0 billion ($4.1 billion).
Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on 26th September, 2022.
Prior to the IPO, Salik secured a $1.1 billion loan from Emirates NBD to pay a special dividend to the government, according to the sources.
The company will have legal, financial and administrative autonomy to carry out its activities and achieve its objectives, in accordance with the provisions of the new Law, the company’s articles of association and other relevant Dubai legislations.
The process of offering Salik consists of individual subscribers “the first tranche”, professional investors “the second tranche” and qualified employees “the third tranche”, and is expected to end on September 20 for individual investors in the UAE and on September 21 for qualified investors.
The price for the Offering has been set at Dhs2.0 per share. The total Offering size is expected to be Dhs3 billion (US$817 million), implying a market capitalisation at listing of Dhs15 billion ($4 billion), a company statement said on Tuesday.
The murder of 25-year-old computer science student Al Walid Al Gharbi took place last Monday inside a house in Building No. 300 on Hansberry St, Philadelphia, when they found the young man with a stab wound in the neck in the bathroom on the third floor.
“The deliberate shelling of active civilian medical facilities and the targeted killing of civilians are grave war crimes of the Kyiv regime and its Western masters,” the Russian foreign ministry said.
The typing centres affirmed that the entry permit application was activated since last Friday and covered all types of residence visas, noting that the holder of a UAE residence visa who stayed abroad for more than 6 months can apply for the entry permit.
Jabal Jais in Ras Al Khaimah recorded the lowest temperature of 1.9°C at 4:15 am on Sunday. Jabal Al Rahba in RAK also recorded 4.2°C. and Jabal Mabrah recorded 4.6 °C, while Rukna in the city of Al Ain in Abu Dhabi, recorded 6.7°C.