Sunday, July 14, 2024

Dubai intends to sell 25 percent of Dubai Taxi shares on the stock market

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The emirate intends to offer about 25 percent of the company’s shares through an initial public offering as part of a broader plan to privatize state-owned assets, Dubai Taxi Company said in a statement on Monday.

The company, which is the largest taxi operator in the Gulf nation by market share, has decided to issue 624.8 million shares and is expected to list on the Dubai Stock Exchange in December.

In Emirates, the subscription period for the initial public offering will be extended from November 21 to 28 for individual investors and November 29 for other investors, the statement said.

According to Reuters, Dubai raised nearly $8.5 billion from five initial public offerings last year under a government privatization program to list ten government-linked companies to boost stock market activity, pay down debt and strengthen capital markets.

Reuters previously reported that Dubai plans to offer shares in its taxi division in December or January.

Citigroup Global Markets Limited, Emirates NBD Capital and Merrill Lynch International have been appointed as joint global coordinators and bookrunners, while EFG Hermes Emirates and First Abu Dhabi Bank are acting as joint bookrunners on the deal.

Rothschild & Co. Middle East was appointed as an independent financial advisor.

The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, issued a law changing the legal status of the Dubai Taxi Company, formerly known as the Dubai Taxi Corporation, to become a public joint stock company with financial and administrative independent legal personality.

The company was established in 1994, and its market share is about 44 percent of the volume of taxis in the emirate.Dubai Government Media Office“.

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Bill Dittman
Bill Dittman
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