Al Yah Satellite Communications Company (Yahsat) intends to proceed with an initial public offering of part of its existing shares and to apply for admission of all of its shares for listing and trading on the Abu Dhabi Securities Exchange (ADX).
At least 30% of Yahsat’s issued share capital currently held by Mamoura Diversified Global Holding PJSC, a wholly-owned subsidiary of Mubadala, will be included in the offering to individuals and other investors in the UAE as part of the UAE retail offering, and to qualified institutional and other investors.
“Mubadala takes pride in the creation of Yahsat, and is proud of its position as one of the world’s leading fixed and mobile satellite communication providers, through its high calibre of talented UAE and international experts. In line with our mandate to drive technological transformation and economic diversification of the UAE, we strive to develop a world-class innovation and technology-driven ecosystem that attracts investment in Abu Dhabi and the UAE more broadly. We believe the listing of Yahsat on Abu Dhabi’s Stock Exchange further reiterates our role in contributing to the growth of the UAE economy,” said Musabbeh Al Kaabi, chief executive officer of UAE Investments at Mubadala and chairman of the board of directors at Yahsat.
Yahsat has operations in more than 150 countries spanning five continents, and was established in the UAE in 2007 to meet the growing demand for satcom services by providing a secure and reliable means of global connectivity, regardless of geographic constraints.
“Today’s announcement marks an important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technologies to drive future growth. We believe we have established a strong and proven operational and financial track record over the years and look forward to welcoming new investors to participate in Yahsat’s growth story,” said Ali Al Hashemi, chief executive officer at Yahsat.
The offering, which will comprise of (i) a public offering to individual and other investors in the UAE (the “UAE Retail Offering”) and (ii) an offering to qualified institutional and other investors in the UAE from a number of other countries (the “Qualified Investor Offering”), is expected to take place in the third quarter of 2021, subject to market conditions and obtaining relevant regulatory approvals.
