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Mubadala-owned Yahsat announces IPO final offer price

10/07/2021

Abu Dhabi, United Arab Emirates, 9 July 2021: Al Yah Satellite Communications Company PJSC ( Yahsat or the Company ) today announces the successful completion of its book-building process and the pricing and final offer size for the initial public offering (the IPO or the Offering) of part of its existing shares (the Shares ).

The final offer price (the Final Offer Price ) for the Offering has been set at AED 2.75 per Share.

The number of Shares included in the Offering is 975,908,106 (the Final Offer Size ), which represents 40% of the share capital of the Company. The Offering was multiple times oversubscribed, with significant demand from qualified institutional and other investors (as part of the Qualified Investor Offering ) and individuals and other investors in the UAE (as part of the UAE Retail Offering ).

The Emirates Investment Authority ( EIA ) has exercised its preferential right to subscribe to (5%) five per cent. of the Final Offer Size and it has been allocated in full before the commencement of allocation.

Based on the Final Offer Price, Yahsat's market capitalization upon listing is expected to be approximately AED 6.7 billion.

The Offering has created an opportunity for investors to participate in the growth of a leading UAE based integrated satellite solutions services provider. Mamoura Diversified Global Holding PJSC (the Selling Shareholder ), a wholly-owned subsidiary of Mubadala Investment Company PJSC ( Mubadala ), will remain the majority shareholder following the Offering and will hold c.60% of Yahsat's issued share capital.

Listing and trading on the Abu Dhabi Securities Exchange (ADX) are expected to commence at 10.00am (UAE time) on 14 July 2021 under the symbol YAHSAT and ISIN AEA007501017.

Key points about the Offering

The Offering represents a number of achievements and important milestones for the Company and Mubadala:

Yahsat is a strategically important and landmark IPO for Mubadala and the UAE

The transaction has led to substantial interest and engagement from high quality, global institutional investors allowing for increased Foreign Direct Investment into the UAE, on top of the high demand and interest from local retail investors

This IPO paves the way for further interest and investment in similar, future transactions

The Offering was multiple times oversubscribed on the qualified investor tranche at a price of AED 2.75 per share

The IPO represents the first ever IPO of a Mubadala subsidiary supported since inception and creates a new platform and route for further value creation

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

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

We are delighted that the Offering has been met with substantial investor interest, both locally and internationally. It is a testament to the work and dedication of our team for more than a decade which has manifested in the strong business, operational and financial platform we have today. We are dedicated to ensuring we meet and exceed investor expectations as we continue to grow by expanding our geographical reach, while continuously innovating and driving new technologies to meet the local, regional and global demand for reliable satellite connectivity and solutions.

First Abu Dhabi Bank PJSC, Merrill Lynch International and Morgan Stanley & Co. International plc were appointed as Joint Global Coordinators and Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE Limited and HSBC Bank Middle East Limited were appointed as Joint Bookrunners. First Abu Dhabi Bank PJSC was appointed as the lead receiving bank and Abu Dhabi Commercial Bank PJSC was appointed as a Receiving Bank.

The Offering was declared Sharia compliant by the Internal Sharia Supervision Committee of HSBC Bank Middle East Limited.

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-announce...
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