Local stock markets gain 155 billion dirhams in the week of the Salik IPO

The local stock markets consolidated their gains, and their market capitalization gained more than 154 billion dirhams during the week’s sessions, amid purchases targeting the leading shares and the start of the IPO offering for the Salik Traffic Toll Services Company in Dubai, which witnessed a turnout that exceeded expectations and prompted it to increase the offering ratio to 24.9%.

The market capital of the listed shares rose from 2.649 trillion dirhams at the end of last Friday's session to 2.804 trillion dirhams at the end of today's session, distributed by 2.228 trillion dirhams for shares listed on the Abu Dhabi Stock Exchange and 575.36 billion dirhams for shares listed on the Dubai Financial Market.

The Abu Dhabi market index "FADEX 15" rose during the week by 4.16%, to close at 10,204.62 points, reaching its highest level since the end of last August, exceeding again the level of 10,000 points, while the Dubai General Market Index increased by 3.85% to close at 3489.33 points, reaching its four highest levels. Months with the rise in the shares of the banking, real estate, investment and transportation sector.

It is noteworthy that Salik, the Dubai road toll operator, obtained the approval of the Emirates Securities and Commodities Authority and the Dubai government on Friday to increase the number of shares available for subscription in its initial public offering from 20% to 24.9%.

It will raise the number of shares from 1.5 billion ordinary shares to 1.9 billion ordinary shares, and the Dubai government will retain ownership of 75.1% of the company's capital after the shares are listed.

The size of the first and third tranches will increase from 120 million to 145.7 million ordinary shares, representing 7.8% of the volume of the offering, and the volume of the second tranche will increase from 1,380 million shares to 1721.8 million ordinary shares, equivalent to 92.2% of the volume of the offering.

The company decided to set the final offering price at 2 dirhams per share, bringing the value of the company at the time of the offering to 15 billion dirhams;

This is according to the opinion of the selling shareholder after taking into account the valuation report prepared by an independent accredited expert house;

According to the financial statements and after communicating with local and international investors in preparation for listing on the Dubai Financial Market, on September 29th.

Salik shares offered for subscription were divided into three tranches.

During the week's sessions, local shares attracted more than 24.53 billion dirhams, distributed as 22.09 billion dirhams in the Abu Dhabi market and 2.44 billion dirhams in the Dubai market. About 12.58 billion shares were traded through the implementation of more than 106.11 thousand transactions.

During the week, the Abu Dhabi market witnessed the implementation of major deals on the shares of "Abu Dhabi Islamic Bank", in addition to the "TAQA" share, which on Wednesday witnessed the implementation of 102 major deals worth 11.75 billion dirhams, including 9.63 billion shares at a price of 1.22 per share, after the "ADQ Holding Company" announced Last Tuesday, it signed an agreement to sell an 8.6% stake in "TAQA" to the "Multiplay" group, the Abu Dhabi Pension Fund and a number of prominent investment companies.

During Friday's trading, the Dubai Financial Market rose by 0.8%, with transactions totaling 528 million dirhams, coinciding with the rise of the "Emirates NBD" share by 0.8% at 13.00 dirhams, and transactions that exceeded 4 million shares, and the "Dubai Electricity and Water Authority" share rose. By 1.6% at 2.60 dirhams, and traded nearly 19 million shares.

Shares of "Dubai Islamic" decreased by 0.2% at 6.03 dirhams, and transactions exceeded 12 million shares, while the "Dubai Financial Market" share decreased by 1.2% at 1.71 dirhams, and transactions exceeded 18 million shares.

The most heavily traded stock, "Emaar Properties", rose 0.9% to 6.45 dirhams, with trading close to 26 million shares.

The Abu Dhabi Securities Exchange index also rose during the Friday session by 1.9%, with transactions worth a total of 3.1 billion dirhams, with the “First Abu Dhabi” share increasing by 3.1% to 19.48 dirhams, and transactions exceeding 20 million shares, while the “Etisalat” share rose 3.8% at 25.44 dirhams, and transactions exceeded 10 million shares.

Shares of "TAQA" rose by 4.4% to reach 1.88 dirhams, with transactions of nearly 99 million shares, while "Multiplay" shares rose by 6.9% to 3.1 dirhams, and transactions exceeded 84 million shares.

The share of "Q Holding" was the most heavily traded stock during today's session, as it rose by 1.7% to 4.28 dirhams, and transactions approached 105 million shares.

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