Band Hadeel Al Sayegh and Saeed Azhar
DUBAI, February 28 (Reuters) – Dubai’s Roads And Transport Authority (RTA) has selected banks to arrange the listing of road toll operator Salik, two sources told Reuters.
The RTA chose the securities branch of Bank of America BAC.NEmiratesNBD ENBD.DU and Goldman Sachs GS.N to advise on the IPO, the sources said, declining to be named because the matter is not public.
Dubai RTA did not immediately respond to a Reuters request for comment.
Bank of America, Emirates NBD and Goldman Sachs declined to comment.
The Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammed, announced plans in November to take Salik public as part of efforts to boost stock market activity by listing 10 government-linked companies.
The Salik Road Toll System was launched in 2007 by the RTA to reduce traffic congestion on the Sheikh Zayed Highway and boost state revenue.
Salik has eight toll booths and 3 million registered vehicles, 1.8 million of which are registered in Dubai, according to the Dubai Media Office.
Dubai Electricity & Water Authority (DEWA) is expected to launch its initial public offering next month, with a listing on the Dubai Financial Market expected to take place in April, Reuters reported on February 22, citing sources.
(Reporting by Hadeel Al Sayegh and Saeed Azhar; Editing by Jan Harvey, Ed Osmond and Jonathan Oatis)
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