Business

The UAE satellite company Yahsat will list on the Abu Dhabi Stock Exchange in the third quarter

Dubai: United Arab Satellite Equipment Company Al Yah Satellite Communications Co. goes for a stock market by offering almost 30 percent of its issued share capital to the public. The offer price must be determined through a book building process. The offer period starts from 27 June and closes on 6 July.

This nearly 30 percent is currently owned by Mamoura Diversified Global Holding, a wholly owned subsidiary of Abu Dhabi’s wealth fund Mubadala Investment Company. The shares are offered to individuals and other investors in the UAE (as part of the UAE’s retail offering) and to qualified institutional and other investors (as part of the qualified investor offering).

Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala and Chairman of Yahsat, said: “Mubadala is proud of the creation of Yahsat and is proud of its position as one of the world’s leading fixed and mobile satellite communications providers, due to its high caliber of talented UAE and international experts. We believe that the listing of Yahsat on the Abu Dhabi Stock Exchange reiterates our role in contributing to the growth of the UAE economy. ”

Abu Dhabi’s stock market has been one of the top performers in the region since the second half of 2020, led by International Holding Co., Aldar Properties and Etisalat, among others.

EMIRATI TODAY - Emirati News, the UAE Daily News

Lightning light

The presentation and subsequent listing are expected to take place in the third quarter of 2021, subject to market conditions. (The offer has been declared by the internal sharia supervision committee of HSBC Bank Middle East to comply with sharia.)

Key players First Abu Dhabi Bank, Merrill Lynch International and Morgan Stanley & Co. International plc has been appointed as joint global coordinators. Abu Dhabi Commercial Bank, EFG Hermes UAE Ltd. and HSBC Bank ME will be joint book buyers. First Abu Dhabi Bank should be the main bank and Abu Dhabi Commercial Bank the receiving bank.

What is Yahsat?

The satellite company operates in more than 150 countries and is the preferred partner for integrated satellite communications solutions. The company was established in the UAE in 2007 to cater to the growing demand for satcom services. “Today’s announcement is a major milestone in Yahsat’s journey as we build on our strong national and international partnerships and invest in new technologies to advance future growth,” said Yahsat CEO Ali Al Hashemi.

“We believe we have set a strong and proven operating and financial record over the years and look forward to welcoming new investors to take part in Yahsat’s growth story.”