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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

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It will be utilized in a phased manner.

Salik IPO oversubscribed

Salik Company is Dubai’s exclusive toll-gate operator.
By TRENDS Desk
September 24, 2022 1:10 pm
  • In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent
  • The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK"

Dubai, UAE— Salik has raised $1.017 billion in an initial public offering on the Dubai Financial Market.

According to a company statement, the IPO was oversubscribed 49 times across all tranches.

In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent.

Among the cornerstone investors are the UAE Strategic Investment Fund, Dubai Holding, Shamal Holding, and Abu Dhabi Pension Fund, which have committed 606 million dirhams, representing 16.2 percent of the offering.

After listing, Cornerstone Investors’ shares are subject to a 180-day lock-up.

The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK.”

 

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