Abu Dhabi state investor Mubadala will offer at least 30 percent of Al Yah Satellite Communications Co's (Yahsat) issued share capital to retail and institutional investor through initial public offering (IPO).

Yahsat is UAE’s leading satellite services operator and offers satellite communications solutions in over 150 countries.

The subscription period begins on 27 June, 2021. Yahsat has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings as joint lead managers.

The IPO is for a minimum of 731.9 million shares and a maximum of 975.9 million shares, representing minimum 30 per cent stake and maximum of 40 per cent stake in the company. The expected date of listing in ADGM is July 14.

Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala and Chairman of 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. 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.”

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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