Yahsat Plans to List on Abu Dhabi Securities Exchange

Yahsat Plans to List on Abu Dhabi Securities Exchange

Mubadala said that the launch of Yahsat has made a number of achievements, including attracting foreign investments to the country. (Asharq Al-Awsat)

Al Yah Satellite Communications Company on Friday announced that it has priced its initial public offering at AED2.75 ($0.7) per share.

In all, 40 percent of the company is being floated, representing 975.90 million shares.

Based on the AED2.75 a share pricing, Yahsat will have a market capitalization of around AED6.7 billion ($1.8 billion).

The Emirates Investment Authority picked up 5 percent of the final offer size.

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, a wholly owned subsidiary of Mubadala, will remain the majority shareholder with around 60 percent of Yahsat's issued share capital.

Listing and trading on the ADX are expected to start on July 14.

"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 a statement.

"We are dedicated to