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Dubai’s Salik to start selling 20% shares via IPO beginning Sept.13

Salik IPO will begin the opening of the subscription for the initial public offering on Tuesday, in preparation for listing its ordinary shares for trading on the Dubai Financial Market, as the fourth listing in the market since the beginning of this year 2022, after the Dubai Electricity and Water Authority “DEWA” and the “TECOM Group” and the Union Cooperative.

The initial public offering represents an important milestone in Salik's journey, as it provides an opportunity to consolidate its success as an exclusive operator of traffic toll gates in Dubai, where it currently operates eight gates distributed in strategic locations across the emirate's busiest corridors.

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.

During the subscription process, Salik will provide about 1.5 billion shares with a nominal value of Dhs 0.01 per share, which represents 20% of the total issued shares in the capital of Salik.

The offer price per share will be determined during and after the process of building up the subscription order book.

Participants in the offer of individual investors in the United Arab Emirates will subscribe at the offer price.

Finalization of the offer and acceptance of the listing is currently scheduled for September 2022, depending on market conditions and have obtained relevant regulatory approvals in the United Arab Emirates, including approval for listing and trading on the Dubai Financial Market.

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, it is expected that the legal reserve will reach the amount of Dhs37.5 million before distributing the first profits.

From 2023, the Company plans to pay out 100% of the distributable net profit as a dividend. The dividend policy is subject to various considerations assessed by the Board of Directors in consideration of the Company's business liquidity management requirements with respect to operating expenses, financing costs, planned capital expenditures and investments.

The Government of Dubai, represented by the Ministry of Finance, the "selling shareholder," reserves the right to modify the size of the offer at any time before the end of the subscription period in 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 Dhs75 million, divided into 7.5 billion fully paid shares, and the value of each share is Dhs0.01.