Salik Prices May Increase as RTA Plans to Sell 20% Share
- Publish date: Monday، 05 September 2022
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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, had announced plans in November to turn Salik, then a division of the Roads and Transport Authority (RTA), into a public company. Listing it and nine other government-linked entities was intended to boost stock market activity. Dubai road-toll operator Salik said on Monday it is selling 20 per cent of the company via an initial public offering, and targets listing by the end of September.
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Salik, which was converted into a private joint stock company in June, is selling 1.5 billion shares, according to its intention-to-float document. The offer price will be confirmed on September 22 and a listing is planned around September 29, it said.
The listing plans are aimed at making Dubai a more competitive market, with bigger bourses in Saudi Arabia and neighbouring Abu Dhabi that are attracting larger listings and strong liquidity.
Salik, which means "open" or "clear" in Arabic, reported core earnings of Dh800 million in the first half of this year, compared with Dh637.41 million in the same period in 2021.