Page 61 - SALIK PR REPORT - MARCH 2024

Dubai paid parking provider Parkin goes public on the Dubai Financial Market Exchange on March 21, 2024 in
Dubai, United Arab Emirates.© Provided by CNBC
Parkin's owner, the Dubai Investment Fund, offered a 25% stake in its listing of

the company and demand from state institutions and families has been high,
suggesting a robust appetite for Gulf investment.

Parkin is offering a dividend of 100% of profit or free cash flow to equity,

whichever is higher, "subject to distributable reserves requirements,"
according to its prospectus.

Asked if the company would be able to maintain such a level of payouts going

forward, Bahrozyan said: "We are very confident we can, as I said the level of
growth in the city promises that we will grow. And we do have very
comprehensive and very powerful plans for expansion ... We promise that we
will do our best to maximize the value for all the shareholders."

Parkin's float follows a relatively quiet period for listings in Dubai, after a
marathon year of public offerings in 2022 that saw many of the emirate's
major public utilities and critical infrastructure operators go public.

Those included Dubai power and water utility DEWA — the city's largest-ever
IPO raising 22.3 billion dirhams in April 2022 — as well as toll operator Salik,
district cooling services provider Empower, and Dubai Taxi.

Parkin is the sixth firm to IPO under Dubai's public listing drive, which started
in 2021. The city is seeking to improve liquidity and volume on its local
bourses to better compete with regional counterparts in Abu Dhabi and
Riyadh.

https://www.msn.com/en-my/money/companies/dubai-s-parkin-surges-30-on-trading-debut-
in-uae-s-first-ipo-of-the-year/ar-BB1kgQVI