Subscription opens for Salik's initial public offering today

Local shares attracted more than 1.74 billion dirhams of liquidity.

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Today begins the opening of subscription for the initial public offering of Salik, in preparation for the listing of its ordinary shares for trading on the Dubai Financial Market, as it is 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 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 0.01 dirhams per share, which represents 20% of the total issued shares in the capital of Salik.

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

In addition, the local stock markets consolidated their gains and their market capitalization gained more than 29.14 billion dirhams at the close of trading yesterday, amid purchasing operations targeting the leading stocks in the banking, real estate, communications and investment sectors.

The market capital of the listed shares rose from 2.649 trillion dirhams at the end of last Friday's session, to 2.678 trillion dirhams at the end of yesterday's session, distributed by 2.113 trillion dirhams for shares listed on the Abu Dhabi Stock Exchange, and 565.7 billion dirhams for shares listed on the Dubai Financial Market.

Local shares attracted more than 1.74 billion dirhams in liquidity, distributed by 1.44 billion dirhams in the Abu Dhabi market, and 290.8 million dirhams in the Dubai market, and about 331.2 million shares were traded through the implementation of 16.5 thousand transactions.

The Abu Dhabi market index "FADEX 15" rose during the week by 1.48%, which is the largest pace of daily gains since the eighth of last August, to close at 9942.3 points, reaching its highest level since the beginning of this September.

The Dubai General Market Index rose by 1.22%, equivalent to 41.1 points, to close at 3,401.93 points, reaching its highest level since the beginning of this September.

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