The Pakistan Consulate-General in the emirate quickly mobilised its teams to help those affected by floods and service disruptions
Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite services operator, plans to sell up to 40 per cent of its shares in the initial public offering on the Abu Dhabi Securities Exchange.
The IPO is for a minimum 731.9 million shares and a maximum of 975.9 million shares, representing a minimum of 30 per cent and a maximum of 40 per cent of the issued share capital of the company.
“At least 30 per cent of Yahsat’s issued share capital currently held by Mamoura Diversified Global Holding, a wholly-owned subsidiary of Mubadala Investment Company, will be included in the offering to individuals and other investors in the UAE and to qualified institutional and other investors,” Yahsat said in a statement.
The offering and subsequent listing are currently expected to take place in the third quarter of this year.
Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala and Chairman of the Board of Directors at Yahsat, said: “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 caliber 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.”
First Abu Dhabi Bank, Merrill Lynch International and Morgan Stanley have been appointed as joint global coordinators on the deal. Abu Dhabi Commercial Bank, EFG Hermes, and HSBC Bank Middle East are the joint book-runners. First Abu Dhabi Bank is the lead receiving bank and Abu Dhabi Commercial Bank the receiving bank.
Ali Al Hashemi, CEO, Yahsat, added: “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.”
— ashwani@khaleejtimes.com
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