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He reportedly rammed into the two and then hit an electric pole before he took the couple to the hospital
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Dubai Salik IPO: When can investors expect first dividend?
The company aims to pay 100 per cent of its net profit
Dubai’s road toll operator Salik expects to pay its first dividend for the second half of 2022 by April 2023.
The company — which will sell 20 per cent or 1.5 billion shares through an initial public offering from September 13 — expects to pay 100 per cent of the net profit, after keeping aside the statutory reserves required by the law. Statutory reserves are expected to amount to Dh37.5 million for the first dividend.
“From 2023 onwards, the company expects to pay 100 per cent of the net profit available for distribution as a dividend,” it said, adding that dividend policy is subject to approval from the Board of Directors.
“Salik’s capital structure has been optimised to be fit-for-purpose, providing the company with the financial flexibility to optimise debt servicing costs, while ensuring an adequate and stable dividend stream that is resilient and maintained through potential economic slowdowns,” it said on Monday.
The company will list its shares on the Dubai Financial Market at the end of September.
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Salik IPO comes in the wake of the Dubai Government’s announcement to list 10 entities on the local bourse to boost stock market capitalisation to Dh3 trillion.
This will be the third public offering by the public entity. In April, the Dubai Electricity and Water Authority (Dewa) was the first public entity to raise $6.1 billion. In June, business park operator Tecom raised Dh1.7 billion through the IPO.
Salik said the Government of Dubai reserves the right to amend the size of the offering at any time prior to the end of the subscription.
Dubai’s largest bank Emirates NBD will be the lead receiving bank for the IPO.
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