Parkin, which oversees parking operations in the Emirate of Dubai, announced its intention to offer about 25 percent of its shares in an initial public offering on the Dubai Financial Market, according to a statement on Tuesday.
The company, which is wholly owned by the Dubai government and was established at the beginning of this year, stated that it will offer 794.7 million shares, representing 24.99 percent of its shares.
The offering begins on March 5 and ends on Tuesday, March 12 for individual investors in the UAE, and on March 13 for institutional investors. The company expected that trading in the company’s shares would begin next March.
Parkin said it intends to pay semi-annual dividends in April and October.
The company operates 175,000 parking spaces across Dubai in addition to another 4,000 or so spaces in multi-storey car parks, and about 18,000 spaces in developer-owned facilities.
According to the law issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the Emirates, and Ruler of Dubai, in early January, regarding the establishment of the “Parkin” company, the Dubai government’s ownership percentage may not be less than 60 percent of the company’s capital, in the event that it is floated. Its shares are offered for public subscription.
2024-02-27 05:57:29
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