Dubai’s Salik converted into joint stock company ahead of potential IPO

RIYADH: Dubai has turned state-owned toll operator Salik into a public joint stock company ahead of a potential public offering, Dubai Media Office said in a statement. 

If the company’s shares are sold in a public offering of private placement, the government should own shares worth a minimum of 60 percent of the company’s capital, according to the statement. 

“The Executive Council of Dubai is authorized to determine the percentage of shares that can be offered for subscription either through an IPO or private placement,” the statement added.