The Offering includes at least 30% of the Company’s shares owned by Al Maamoura Diversified Global Holding Company PJSC (“Selling Shareholder”), a company wholly owned by Mubadala Investment Company PJSC, for subscription by individuals and other investors. In the United Arab Emirates (in the framework of the offering intended for individuals in the United Arab Emirates), and by subscribers of companies and institutions eligible for subscription (within the framework of the offering intended for qualified investors).
Mosbeh Al Kaabi, CEO of the UAE Investment Sector at Mubadala, said; Yahsat Chairman and Chairman: “Mubadala is proud of the establishment of Yahsat and its growth thanks to its technical experts and national and global competencies, to become a prominent national company and one of the world’s leading companies in the provision of fixed and mobile satellite communications services. In line with the mission entrusted to us to advance the technological development and economic diversification of the United Arab Emirates, we seek to establish a dynamic world-class innovation and technology ecosystem, in order to attract more investments to Abu Dhabi and the UAE in general. We believe that the public offering of Yahsat shares on the Abu Dhabi Securities Exchange will enhance our contribution to the growth, diversification and development of the local economy.”
Ali Al Hashemi, Chief Executive Officer of Yahsat, said: “Today’s announcement represents a quantum leap and an important achievement in Yahsat’s journey, as we continue to build on our strong local and international partnerships, and invest in new technologies to enhance future growth opportunities. We believe that we have succeeded in building a track record of excellence in terms of our financial and operational performance over these years, and we look forward to receiving new investors who will share with us Yahsat’s growth and development.”
Yahsat was established in the United Arab Emirates in 2007 with the aim of providing reliable and secure satellite communications around the world, and to meet the growing demand for satellite communications services.
Today, the company is the preferred partner for integrated satellite communications solutions and services, and a center of excellence for clients in the government and commercial sectors, with operations and services covering more than 150 countries across five continents.
It is scheduled to be offered in two tranches, the first tranche includes individual subscribers and investors in the United Arab Emirates, while the second tranche includes subscribers of companies and institutions eligible for subscription in the United Arab Emirates from other countries, provided that the share offering price is determined by following The mechanism of price building for the share based on the history of subscription orders.
All shares are offered by the selling shareholder, who, prior to the offering, is the only shareholder in Yahsat.
The company and the selling shareholder will agree to closing arrangements that restrict the procedures for disposing of the company’s shares for a period of time after accepting the listing of the shares.
It is expected to start the process of offering and then listing the shares in the third quarter of 2021, and this will depend on market conditions and obtaining all required regulatory approvals.
The details of the subscription will be published in an Arabic language prospectus, the public offering announcement for the offering of the first tranche of individual subscribers in the United Arab Emirates, and an international offering memorandum in English for the offering of the second tranche of subscribers from eligible companies and institutions. Both the prospectus for individual subscribers and the public announcement will be issued today, and the international offering memorandum is expected to be published at a later time.
First Abu Dhabi Bank was appointed; Merrill Lynch International; Morgan Stanley & Co.; International plc, as joint global coordinators, has also appointed Abu Dhabi Commercial Bank; EFG Hermes UAE; and HSBC Bank Middle East Limited, as joint bookrunners. First Abu Dhabi Bank was designated as the lead receiving bank, and Abu Dhabi Commercial Bank was designated as the receiving bank.
The Internal Shari’a Supervisory Committee of HSBC Bank Middle East Limited has approved that the offering is Shari’a compliant.