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Mubadala-owned Yahsat Successfully Commences Trading on ADX

15/07/2021

Abu Dhabi, United Arab Emirates, 14 July 2021: Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ), a leading satellite communications services provider, today announces the official listing of its shares and the commencement of trading on the Abu Dhabi Securities Exchange ( ADX ), following the successful completion of its initial public offering (the IPO or the Offering). The company is now traded under the ticker symbol: YAHSAT

The IPO of Yahsat is a strategically important and landmark transaction for Mubadala and the Abu Dhabi markets. It represents the first ever IPO of a Mubadala subsidiary supported since inception and creates a new platform and route for further value creation.

The Offering has led to substantial engagement and interest from high quality, global institutional investors, allowing for increased Foreign Direct Investment into the UAE and paving the way for further interest and investment in similar, future transactions, on top of the high demand and interest from local investors.

Through the Yahsat IPO, Mubadala was able to raise AED 2.68 billion by selling 40% of share capital at AED 2.75 per share, resulting in the Group's market capitalisation of approximately AED 6.7 billion. Tranches were oversubscribed by multiple times, indicating strong interest in participating in Yahsat's growth story and its future plans.

The transaction is also a reflection of investor confidence in the capital markets of Abu Dhabi and further cements Mubadala's active role in enabling the post-pandemic recovery in the global economy, attracting investment to Abu Dhabi and the UAE more broadly.

Mubadala retains a c.60% shareholding in the Company and is fully aligned with Yahsat as it looks to grow further.

H.E. Mohammed Ali Al Shorafa Al Hammadi, Chairman of ADX, commented:

The listing of Yahsat highlights the key role ADX is playing in Abu Dhabi's economic diversification strategy by attracting major leading companies to float and list on the exchange. Abu Dhabi's solid regulatory environment, the culture of innovation that has been fostered by the Emirate's leadership is also increasingly attracting global investors who recognize the strength and potential of Abu Dhabi's capital market attractiveness

Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala and Chairman of the Board of Directors at Yahsat, said:

Today's listing of Yahsat on ADX marks a monumental achievement for Mubadala and Yahsat. As Mubadala's first IPO, and one of the most successful IPOs in the region in the last decade, this key milestone is a reflection of investor confidence in the capital markets of Abu Dhabi and reiterates our active role in enabling the post-pandemic recovery in the global economy. The listing of Yahsat is also a testament to the sophisticated investor appetite from local and international retail and institutional investors by attracting capital to Abu Dhabi's financial markets and signals a growing demand for communications technologies.

Ali Al Hashemi, Chief Executive Officer at Yahsat, said:

Today's announcement marks an important milestone in the journey of Yahsat as we begin life as a listed company. As we celebrate this achievement, our priorities remain unchanged we are committed to building on our strong and proven operational and financial performance to date, in an effort to further strengthen the Group's position as one of the world's leading satellite communications services providers.

He added: We have put in place a strategy that will enable us to not only maintain but also expand our geographical reach and capture future growth opportunities. We will continue to invest in new technologies and infrastructure to meet the global demand for reliable connectivity.

Saeed Hamad Al Dhaheri, Chief Executive Officer of ADX, said:

We are pleased to welcome the listing of Yahsat to the Abu Dhabi Securities Exchange. The listing demonstrates the success of our ADX One strategy in providing access to capital for companies' growth and a diversified sector representation for investment in the Exchange. The listing of Yahsat has also further enhanced the market capitalisation of the ADX following the landmark AED 1 trillion milestone that it recently surpassed. In the coming period, we will continue to roll out new products and services to deepen market liquidity and access to finance, which has been greatly enhanced since the introduction of Q Market Makers in October.

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.
LINK: https://www.yahsat.com:443/en/news/2021/mubadala-owned-yahsat-commence...
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