Freshfields advises Salik, Dubai’s road toll operator, on its initial public offering
Freshfields has advised Salik on its IPO whereby it will sell 1.5 billion shares or 20 per cent of the stake.
Salik operates the electronic toll gate system in Dubai and was launched by the Roads and Transport Authority (RTA) on 1 July 2007.
In June, Freshfields advised the Emirate of Dubai (as issuer's counsel) on the carve-out of the Emirate's tolling system (Salik) into a public joint stock company, and the listing of the company (as of end of end of September 2022) on the Dubai Financial Market (DFM).
In addition to the transactional advice, Freshfields provided extensive regulatory advice, including approval of Admission to Listing and trading on the DFM. Freshfields advised on the key aspects of the carve-out of Salik from the RTA of Dubai (including in respect of the concession granted by HH the Ruler of Dubai to the company).
The IPO forms part of a previously announced initiative by the Dubai government that it would float 10 public entities and list them on the Dubai Financial Market in order to boost market capitalization to Dh3 trillion.
The Freshfields team in Dubai was led by corporate partner Pervez Akhtar and counsel Abdallah Maher. Core team included senior associate Jennifer Brokamp, associates Al-Waleed Al-Kiyumi and Ariane Choupo and legal consultant Tariq Saeed.
Finance workstream was led by partner Haris Meyer Hanif, with significant support from senior associate Tumise Jegede and Stevie Gallagher.
Substantial support on international aspects of the offer was provided by partner Doug Smith and senior associate Katie Bentel.
Advice on the concession agreement and related aspects of the process was provided by senior associate Amanda Mapanda along with associates Abdullah Geelha and Jennifer Kanu.