Shares of Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, will be delisted from the Abu Dhabi Securities Exchange (ADX) later this month after the completion of the merger with Bayanat, provider of AI-powered geospatial solutions.
Effective after the close of trading on Monday, September30, Yahsat shares will be de-listed from the ADX, according to a statement issued on Monday.
“All Yahsat assets and obligations will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be allocated to Yahsat shareholders as part of this merger. Additionally, on October1, 2024, Bayanat will change its trading symbol to ‘Space42’ and the company will continue trading on ADX under this new trading symbol,” said a statement issued on Monday.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
In August, Bayanat and Yahsat announced the successful launch of their first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite into orbit in partnership with ICEYE, a pioneer in SAR satellite operations for earth observation, persistent monitoring, and natural catastrophe solutions.
“We are looking forward to completing the merger with Bayanat in the second half of the year and are finalising plans for the successful integration of both companies. This merger will position the new combined entity – Space42 – as an AI-powered space technology champion in the MENA region with global reach,” Ali Al Hashemi, group CEO of Yahsat, said during the release of the first half of 2024 results.
“For the first time in our industry, we will combine advanced satcom solutions and geospatial analytics, operating communication and Earth Observation satellites across multiple orbits,” said Al Hashemi.
Yahsat’s revenue fell by 3 per cent in the first half of 2023 to Dh734 million while Net income increased strongly by 62 per cent to Dh269 million.