archyworldys

Salik’s subscription ends today, Tuesday, for individuals, and tomorrow for qualified investors

The subscription of individuals to the initial public offering of Salik concludes today, Tuesday, and will end tomorrow, Wednesday, to qualified investors, in preparation for the listing of its ordinary shares for trading on the Dubai Financial Market, where the price of the offering was set at 2 dirhams per ordinary share.
Sharjah 24 – WAM:

The subscription of individuals in the initial public offering of Salik ends today, Tuesday, while it will end tomorrow, Wednesday, for qualified investors, in preparation for the listing of its ordinary shares for trading on the Dubai Financial Market, as the fourth listing witnessed by the market since the beginning of this year 2022 after the Dubai Electricity and Water Authority “DEWA” and the “Dewa Group” Tecom and Union Coop.

Salik recently announced an increase in the number of shares available for subscription in its initial public offering from 1.5 billion ordinary shares to 1.867 billion ordinary shares, which means that the percentage of shares available for trading after listing will rise from 20% to 24.9% of the company’s capital, while the Dubai government retains ownership 75.1% of its capital.

Salik has set the offering price at 2 dirhams per ordinary share, which provides investors with a rewarding offer, and on the other hand confirms Salik’s keenness to support the performance of the stock’s trading in the market after listing as a priority for it, and it is expected that Salik shares will start trading in the Dubai market The financial market value is expected to be on September 29, 2022, and the opening market value of the company is expected to reach 15 billion dirhams (4.1 billion US dollars).

Read also  7.5 billion less EU subsidies for Hungary

After completing the offering, Salik intends to distribute dividends twice in each fiscal year after the offering in April and October of each year. The company expects to distribute the first dividends for the second half of 2022 by April 2023, while the company expects to distribute 100% of the net profit. After maintaining the legal reserve required by law, “the legal reserve is expected to reach the amount of 37.5 million dirhams before distributing the first profits.”

From 2023 onwards, the Company expects to pay 100% of the net profit distributable as dividend. The dividend policy is subject to several considerations considered by the Board of Directors in consideration of the cash management requirements of the Company’s business in relation to operating expenses, financing costs, projected capital expenditures and investments.

The Government of Dubai, represented by the Department of Finance, the “seller shareholder”, reserves the right to amend the size of the offering at any time before the end of the subscription period at its absolute discretion and based on the applicable laws and after the approval of the Securities and Commodities Authority.

The company’s capital, as on the date of listing, was set at 75 million dirhams, divided into 7.5 billion fully paid shares, and the value of each share is 0.01 dirhams.