Al Yah Satellite Communications Company PJSC (“Yahsat”) or the “Company” today announces its intention to proceed with an initial public offering (“the Offering”) of part of its existing shares (the “Shares”) and to apply for admission of all of its shares to listing and trading on the Abu Dhabi Securities Exchange (“ADX”). At least 30% of Yahsat’s issued share capital currently held by Mubadala Investment Company PJSC (“Mubadala”) (the “Selling Shareholder”), will be included in the Offering to individuals and other investors in the UAE (as part of the UAE retail offering) and to qualified institutional and other investors (as part of the qualified investor offering).

Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala and Chairman of the Board of Directors at Yahsat, said: “Mubadala has supported Yahsat’s growth since inception, enabling it to become one of the world’s leading fixed and mobile satellite communication providers. In line with our mandate to drive technological transformation and economic diversification of the UAE, we strive to develop a world-class innovation and technology-driven ecosystem that attracts investment in Abu Dhabi and the UAE more broadly. 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.”

Ali Al Hashemi, Chief Executive Officer at Yahsat, said: “Today’s announcement marks an important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technologies to drive future growth. We believe we have established a strong and proven operational and financial track record over the years and look forward to welcoming new investors to participate 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.

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 from a number of other countries(the “Qualified Investor Offering”). The offer price per Share will be determined through, and following, a bookbuilding process.

All of the Shares are being offered by the Selling Shareholder, Mubadala, which prior to the Offering, is the sole shareholder of Yahsat holding 100% of the issued share capital of Yahsat.

In connection with the Offer, each of the Company and the Selling Shareholders are 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.

The Offering and subsequent listing are currently expected to take place in the third quarter of 2021, subject to market conditions and obtaining relevant regulatory approvals.

Details of the Offering will be 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 will be published today and the International Offering Memorandum is expected to be published in due course.

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 Abu Dhabi Bank PJSC has been appointed as the lead receiving bank and Abu Dhabi Commercial Bank PJSC has been appointed as a receiving bank.