On Monday, Dubai Taxi declared that it would begin In the IPO to sell 624.75 million shares and list on the Dubai Financial Market.
The nominal value of each share was set by the firm at Dh0.04, which corresponds to 24.99 percent of the total issued capital of shares of Dubai Taxi firm.
For ordinary investors in the UAE, the subscription period will commence on November 21 and expire on November 28; for professional investors, it will end on November 29. December 2023 is when the shares are anticipated to go on sale on the Dubai Stock Exchange.
As of the listing date, the company’s share capital was Dh100 million, split into 2,500,000,000 fully paid shares, having a nominal value of Dh0.04 per share. Beginning with the fiscal year 2024, the corporation plans to pay dividends twice a year in the months of April and October. Furthermore, it anticipates paying out a first dividend in April 2024 of at least Dh71 million in relation to the financial results of the fourth quarter of 2023.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, adopted Law No. (21) of 2023 pertaining to the “Dubai Taxi Company” on Sunday in his capacity as the Ruler of Dubai. The law required that “Dubai Taxi Company (PJSC)” be used in place of the word “Dubai Taxi Corporation” anywhere it appears in the current emirate laws.
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