The start of the subscription period for individuals and companies
Yahsat sets the price range for the offering shares
Mubadala will remain a major shareholder in Yahsat after the listing.
From the source
Al Yah Satellite Communications Company announced the start of the subscription period for the initial public offering of part of its shares for sale from yesterday, until Tuesday, July 6, for individuals and other investors in the country. As for companies and persons eligible for subscription, the period ends on Thursday, July 8 2021.
The company explained, in a statement, that the price range for the offering was set between 2.55 and 3.05 dirhams per share, and it expected the final offer price of the shares to be announced on July 9, 2021.
Mubadala will remain a major shareholder (majority stakeholder) in Yahsat after the listing, as the offering shares will represent a minimum of 30% and a maximum of 40% of the total shares owned by Al-Mamoura Diversified Global Holding (Al-Mamoura Diversified Global Holding). Selling Shareholder), a company wholly owned by Mubadala Investment Company.
The shares are expected to be listed on the Abu Dhabi Securities Exchange on July 14, 2021, depending on market conditions and obtaining all required regulatory approvals.
Ali Al Hashemi, CEO of Yahsat, said: “We have succeeded in building a track record of excellence in terms of our financial and operational performance over the years, which qualifies us strongly to provide attractive and rewarding opportunities for potential investors in light of the increasing global trend towards technical solutions and promising prospects for the space industries in Abu Dhabi and the UAE in general, and we look forward to receiving new investors who will share with us Yahsat’s growth and development.”
It is noteworthy that it is scheduled to be offered in two tranches, the first tranche includes individual subscribers and investors in the UAE, while the second tranche includes subscribers of companies and persons eligible to subscribe in the UAE from other countries, provided that the share offering price is determined by following a mechanism The share price structure based on the subscription order history.
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