The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Al Yah Satellite Communications Company on Friday announced that it has priced its initial public offering at Dh2.75 per share, putting it on track to raise Dh2.68 billion once it begins trading on the Abu Dhabi Securities Exchange (ADX).
The satellite tech firm — a subsidiary of state fund Mubadala Investment Company and popularly known as Yahsat — said in a statement that it successfully concluded its book-building process. Interest for the IPO has been very strong.
The number of shares to be offered is at 975,908,106, representing 40 per cent of Yahsat's share capital. The offering was oversubscribed multiple times, with significant demand from qualified institutional and other investors as part of the qualified investor offering, and individuals and other investors in the UAE as part of the UAE retail offering.
Based on the final offer price, Yahsat’s market capitalisation upon listing is expected to be approximately Dh6.7 billion. Listing and trading on the ADX are expected to commence at 10.00am July 14 under the symbol 'YAHSAT' and ISIN 'AEA007501017'.
The Emirates Investment Authority has exercised its preferential right to subscribe to five per cent of the final offer size and it has been allocated in full before the commencement of allocation.
“We are delighted that the offering has been met with substantial investor interest, both locally and internationally. It is a testament to the work and dedication of our team for more than a decade which has manifested in the strong business, operational and financial platform we have today," Yahsat CEO Ali Al Hashemi said in the statement.
"We are dedicated to ensuring we meet and exceed investor expectations as we continue to grow by expanding our geographical reach, while continuously innovating and driving new technologies to meet the local, regional and global demand for reliable satellite connectivity and solutions.”
The offering has created an opportunity for investors to participate in the growth of a leading UAE-based integrated satellite solutions services provider. Mamoura Diversified Global Holding, the selling shareholder and a wholly-owned subsidiary of Mubadala Investment Company, will remain the majority shareholder following the Offering and will hold around 60 per cent of Yahsat’s issued share capital.
business@khaleejtimes.com
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