Yahsat Launches IPO
Abu Dhabi, UAE, June 21, 2021--Al Yah Satellite Communications Company PJSC today announces its intention to proceed with an initial public offering (IPO) of part of its existing shares and to apply for admission of all of its shares to 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 Investment Company PJSC 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 (as part of the qualified investor offering).
Musabbeh Al Kaabi, Chief Executive Officer 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.”
Ali Al Hashemi, Chief Executive Officer at Yahsat, said:“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.” With operations in more than 150 countries spanning 5 continents, Yahsat is the preferred partner for reliable integrated satellite communication solutions and an industry centre of excellence for both government and commercial customers. The Company 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.
It is intended that the Offering will comprise of (i) a public offering to individual and other investors in the UAE and (ii) an offering to qualified institutional and other investors in the UAE from a number of other countries. The offer price per Share will be determined through, and following, a book-building process. All of the Shares are being offered by the Selling Shareholder which, prior to the Offering, is the sole shareholder of Yahsat. In connection with the Offer, each of the company and the Selling Shareholder is expected to agree to lock-up arrangements restricting the disposal of the company's securities for a period of time following admission of the shares to listing. The Offering and subsequent listing are currently expected to take place in the third quarter of 2021, subject to market conditions and obtaining relevant regulatory approvals.
First Abu Dhabi Bank PJSC, Merrill Lynch International and Morgan Stanley & Co. International plc have been appointed as Joint Global Coordinators and Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE Limited and HSBC Bank Middle East Limited have been appointed as Joint Bookrunners. First Abu Dhabi Bank PJSC has been appointed as the lead receiving bank and Abu Dhabi Commercial Bank PJSC has been appointed as a receiving bank.
The Offering has been declared Sharia compliant by the Internal Sharia Supervision Committee of HSBC Bank Middle East Limited.