Yahsat - subscription period - IPO- techxmedia

Yahsat announces the opening of subscription period & its offer price range for IPO

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Al Yah Satellite Communications Company PJSC (“Yahsat”or the “Company”) announced the opening of the subscription period for the initial public offering (the “IPO” or the “Offering“) of part of its existing shares (the “Shares”)on 27th June 2021 which will continue until Tuesday, 6th July 2021forindividuals and otherinvestorsin the UAE (as part of the UAE retail offering) and until Thursday, 8th July 2021 for qualified institutional andother investors(as part of the qualified investor offering).

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% and up to 40% of Yahsat’s issued share capital, all of which is currently held by Mamoura Diversified Global Holding PJSC (the “Selling Shareholder”), a wholly-owned subsidiary of Mubadala Investment Company PJSC (“Mubadala”).

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It is expected that the Shares will be admitted to trading on the Abu Dhabi Securities Exchange (ADX) on 14th July 2021, subject to market conditions and obtaining relevant regulatory approvals.

Ali Al Hashemi, Chief Executive Officer ofYahsat, said:

“We believe that we have established a strong and proven operational and financial track record over the years which, coupled with the ever-growing adoption of technological solutions and promising prospects of the space industry in Abu Dhabi and the UAE more broadly, provides a compelling proposition for potential investors. We look forward to their participation 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.

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Details of the Offering

It is intended that the Offering will comprise of (i) a public offering to individual and other investors in the UAE (the “UAE Retail Offering”) and (ii) an offering to qualified institutional and other investors in the UAE and ina number of other countries(the “Qualified Investor Offering”). 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 Offering, 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.

Details of the Offering are included in an Arabic-language prospectus (the “Retail Prospectus”) and public subscription announcement (the “Public Announcement”) in respect of the UAE Retail Offering and an English-language international offering memorandum (the “International Offering Memorandum”) in respect of the Qualified Investor Offering. The Retail Prospectus and the Public Announcement were published on 21st June 2021and the International Offering Memorandumwill be published today.

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 AbuDhabi 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.

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