Photo: Yahsat

Yahsat is to hit the stock market in the United Arab Emirates (UAE) in a strategic move. The company announced plans June 21 to proceed with an IPO to list and trade its shares on the Abu Dhabi Securities Exchange (ADX). The IPO will take place in the third quarter of this year, subject to regulatory approval.

Mubadala will remain a majority shareholder in Yahsat. Around 30% of Yahsat’s shares will be made available 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.

“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,” Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala and chairman of the board of directors said in a statement.