Abu Dhabi (WAM) intends to Al Yah Satellite Communications Company (Yahsat) Specialized in operating satellites, and wholly owned by Al Maamoura Diversified Global Holding Company, offering a minimum of 30% and a maximum of 40% of its issued capital for public subscription and listing all of its shares for trading on the Abu Dhabi Securities Exchange. The company confirmed in the public offering prospectus that it published today that the process of offering a percentage of the company’s shares for subscription will take place in two tranches. The stock by following the price-building mechanism for the stock based on the subscription orders record
The company decided to appoint First Abu Dhabi Bank, Merrill Lynch International, Morgan Stanley & Co.; and International plc, as joint global coordinators. Abu Dhabi Commercial Bank, EFG Hermes UAE and HSBC Bank Middle East Limited have been appointed as joint bookrunners. First Abu Dhabi Bank was designated as the lead receiving bank, and Abu Dhabi Commercial Bank was designated as the receiving bank.
It is expected to start the process of offering and then listing the shares in the third quarter of 2021, and this will depend on market conditions and obtaining all required regulatory approvals.
The details of the subscription will be published in an Arabic language prospectus and the public offering announcement for the offering of the first tranche of individual subscribers in the UAE, and an international offering memorandum in English for the offering of the second tranche of eligible subscribers and institutions.