Increasing the volume of shares offered for subscription in the offering of "Salik" to 24.9%
The Company enjoys legal personality and financial and administrative independence.
From the source
Salik announced today that, after obtaining the approval of the Securities and Commodities Authority in the UAE and the Government of Dubai, represented by the Financial Department, it has exercised its right to increase the number of shares available for subscription in its initial public offering from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares, which means that The percentage of shares available for trading after listing will increase from 20.0% to 24.9% of Salik's capital, with the Dubai government retaining ownership of 75.1% of its capital.
Salik also obtained the approval of the Securities and Commodities Authority to increase the size of the offering of the relevant tranches as follows: The size of the first and third tranches will be increased “in total” from 120,000,000 to 145,725,000 ordinary shares (or 7.8% of the offering size), while the size of the second tranche will be increased.” For Qualified Investors” from 1,380,000,000 to 1,721,775,000 ordinary shares (or about 92.2% of the offering size).
The size of the new offering was determined by the selling shareholder, following Salik’s decision to set the offering price at AED 2 per ordinary share on September 13, 2022, which provides investors with a rewarding offer and on the other hand confirms Salik’s keenness to support the performance of the stock’s trading in the market After listing as a priority for her.
The subscription period for Salik's IPO remains the same, ending on September 20, 2022 for retail investors in the UAE, and on September 21, 2022 for eligible investors.
It is expected that Salik shares will start trading on the Dubai Financial Market on September 29, 2022, under the symbol “SALIK” and the International Securities Identification Number (AEE01110S22);
The company's opening market capitalization is expected to reach 15 billion dirhams ($4.1 billion).
Investors who participated in the retail tranche in the UAE will be notified of the shares allocated to them via SMS on September 26, 2022.
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