Yahsat announces offer price range for IPOs

Yahsat announces offer price range for IPOs

Al Yah Satellite Communications Company on Sunday announced the opening of the subscription period for the Initial Public Offering (IPO) of part of its existing shares on June 27, which will continue until Tuesday, July 6, for individuals and other investors in the UAE (as part of the UAE retail offering). The offering will continue until Thursday, July 8, for qualified institutional and other investors (as part of the qualified investor offering). The offer price range has been set at AED2. 55 to AED3. 05 per share. The final offer price for the Shares is expected to be announced on July 9. The offering creates an opportunity for investors to participate in the potential strategic growth of a leading integrated satellite communication services provider. Mubadala will remain a majority shareholder following the offering of at least 30 percent and up to 40 percent of Yahsat's issued share capital, all of which is currently held by Mamoura Diversified Global Holding, a wholly-owned subsidiary of Mubadala Investment Company. It is expected that the shares will be admitted to trading on the Abu Dhabi Securities Exchange (ADX) on July 14, subject to market conditions and obtaining relevant regulatory approvals. Ali Al Hashemi, Chief