The step is part of RTA’s efforts to improve its services and make them more accessible to customers by saving their time and effort.
Under the directives of Sheikh Maktoum, the Dubai Securities and Exchange Higher Committee announced its intention to list SALIK on Dubai Financial Market (DFM).
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.
Sheikh Hamdan issued Resolution No.(34) of 2022 appointing members of the Board of Directors of "Salik" (PJSC) chaired by Mattar Mohammed Al Tayer.
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.
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 (Dhs18.35 billion), according to Reuters and Bloomberg sources.
Mattar Mohammed Al Tayer, Chairman of the Board of Directors of Salik, said the company decided to list its shares in the Dubai Financial Market to ensure its long-term access
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.
After setting the price of the offering at 2 Dirhams per share, and after selling all the shares offered within hours of the opening of the public offering on Tuesday, the advisors on the deal worth 3 billion dirhams recommended increasing the size of the offering to 3.75 billion dirhams.