The expected offering will include the sale of a stake ranging from 30 to 40% of Yahsat shares owned by Al Mamoura Diversified Global Holding Company (the selling shareholder), through subscription by individuals and other investors in the UAE and abroad, according to a statement on the website. company on Monday.This is the first listing of a company on the Abu Dhabi Stock Exchange since the initial public offering of the Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) in 2017.
The offering process and subsequent listing of the shares are expected in the third quarter of 2021, dependent on market conditions and obtaining all required regulatory approvals.
The Emirates Investment Authority has the right to subscribe to the offering by 5% of the shares of the second tranche
The company said it had appointed First Abu Dhabi Banks; Merrill Lynch International; Morgan Stanley & Co.; and “International plc”, as the joint global coordinators.Abu Dhabi Commercial Bank was also appointed; the financial group “Emirates Hermes”; HSBC Bank Middle East Limited, as the joint bookrunners, and First Abu Dhabi Bank as the lead receiving bank, and Abu Dhabi Commercial Bank as the receiving bank.
Who is Yahsat?
Al Yah Satellite Communications Company (Yahsat), established in 2007 and headquartered in the UAE capital Abu Dhabi, operates fixed and mobile satellite services and provides integrated satellite communications solutions to more than 150 countries across Europe, the Middle East, Africa and South America. Asia, and Australia.
Yahsat’s fleet of five satellites covers more than 80% of the world’s population, providing critical communications including internet, satellite broadcasting, networking and mobile communications solutions.
The company’s business consists of Yahsat Government Services, YahClick (supported by Hughes), YahLive and Thuraya. In 2020, Yahsat began constructing the Thuraya 4-NGS, the new generation of Thuraya’s mobile satellite communications system, which is scheduled to start its services by 2024.