• Decision to increase the size of IPO based on strong investor demand and oversubscription across all tranches
  • The Qualified Investors tranche (referred to as “Second Tranche” in the UAE prospectus) will increase from 1,380,000,000 ordinary shares to 1,721,775,000 ordinary shares
  • Cornerstone investors’ commitments unchanged at USD165m (AED 606m)[1] representing c.16.2% of the new Offer Size
  • The Retail Tranche (“First Tranche” and “Third Tranche” combined) will increase from 120,000,000 to 145,725,000
  • Subscription period for UAE Retail Offer as well as Qualified Investor Offering remains unchanged and will close on September 20th and September 21st respectively

Dubai, UAE: Salik Company PJSC (“Salik” or the “Company”), today announces that, following approval from the UAE Securities and Commodities Authority (the “SCA”), the Government of Dubai, represented by the Department of Finance (the “Selling Shareholder”) has exercised its right to increase 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 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 AED 2.00 per ordinary share on 13 September 2022, providing investors with a highly attractive value proposition. The decision also reflected Salik’s prioritization of supporting aftermarket trading performance post-listing. The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on September 20th 2022 and the Qualified Investor Offering will close on September 21st 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 AED 15.0bn (US$ 4.1bn).

Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on 26 September 2022.

-Ends-

ABOUT SALIK COMPANY PJSC

Salik Company PJSC was established through the issuance of Law No. (12) of 2022. Managing Dubai’s road toll system, which has been operating since 2007, Salik offers seamless connectivity between the Emirate’s main roads. Salik operates under a 49-year concession agreement with the RTA as a strategic partner, and has a proven 15-year track record of seamless and sustainable mobility.

MEDIA ENQUIRIES
Salik Company PJSC
Maryam Alblooshi, Media Communication Manager
Maryam.HAlblooshi@rta.ae 

FTI Consulting (as Financial Communications Advisor)
Ajith Henry, Senior Director - Head of Financial Services and Capital Markets
Ajith.henry@fticonsulting.com

INVESTOR RELATIONS ENQUIRIES
Salik Company PJSC
Mohamed Zeinelabedin, Head of Investor RelationsMohamed.Zeinelabedin@salik.ae

[1] The value of UAE dirhams has been pegged to a US dollar rate of AED 3.6725 per US$1 since 1997. All AED/US$ conversions included herein have been calculated at this rate.