Bloomberg reported that the Dubai Roads and Transport Authority (RTA), which manages the Salik road toll system, plans to hold its first meetings with major investors as early as this month, ahead of a possible stock market listing of Salik this year.
According to the sources, Salik seeks to meet with investors face-to-face in mid-June, while calls will be made with global investors. Sources further indicated that the stock exchange listing may take place as early as September.
Salik has hired Bank of America, Emirates NBD, and Goldman Sachs to assist with the local exchange listing. Moelis & Company is the financial advisor on the IPO.
Salik is an automated system that was established in 2007 to collect tolls for vehicles passing through eight city gates. The service charges a 4-dirham fee (equivalent to $1.09), which will be deducted from prepaid accounts, eliminating the need for cash or toll booths on the highways.
Moreover, the planned IPO is part of Dubai’s efforts to revive trading volumes by privatizing ten state-owned companies.
The Tecom Group had officially declared its intent to proceed with an IPO of 12.5 percent of the overall shares issued of the company’s capital on the Dubai Financial Market (DFM).
