Dubai Financial Authority receives Salik today as the fourth listing in 2022

Today, Thursday, the Dubai Financial Market witnesses the listing of Salik, the fourth listing in the market this year, after the Dubai Electricity and Water Authority (DEWA), TECOM and Union Coop, as part of the strategy of the Capital Markets and Exchanges Development Committee. In Dubai, which aims to double the value of the capital markets in the emirate to three trillion dirhams during the next stage.

These listings come as a continuation of the efforts of the Capital Markets and Exchange Development Committee to continue developing the financial market sector and provide it with innovative tools and solutions, thus enhancing Dubai's position and competitiveness as one of the most important and largest financial centers in the region and the world.

“SALIC” has successfully completed the drafting of the subscription order book and the public subscription process for its initial public offering on the Dubai Financial Market. The volume of the offering after the increase amounted to more than 1.867 billion shares of ordinary shares, equivalent to 24.9% of the total issued shares in the capital. , with a share price of two dirhams per ordinary share, which resulted in a total proceeds of more than 3.7 billion dirhams payable to the Dubai government represented by the “selling shareholder” financial department, after adjusting for any costs related to the offering.

The offering witnessed a great turnout, as the total demand for the public offering amounted to more than 184.2 billion dirhams, which means that the subscription exceeded by about 49 times for all segments combined.

The huge demand from investors for the shares of "SALIC" confirms the convincing investment offer of the company as the exclusive operator of traffic tariffs in Dubai.

The first listing on the Dubai Market was for the Dubai Electricity and Water Authority last April, to become the largest company listed in the market in terms of market value, the second largest listing in the region, and the largest ever in the history of the UAE capital markets.

The Tecom Group is the second listing after the great success of the offering, which witnessed the highest coverage rate in the history of public offerings on the Dubai Financial Market.

Dubai Financial welcomed the listing of Union Coop shares last July, as the first consumer cooperative in the country to take this pioneering step, in implementation of the Cabinet’s decision regarding the trading of cooperative societies’ shares in the country’s financial markets.

Underwriting coverage 49 times after raising 184.2 billion dirhams.

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