Everything that belongs to Yahsat will be given to Bayanat.
After the completion of the merger with Bayanat, a developer of AI-powered geospatial solutions, the shares of Al Yah Satellite Communications Company (Yahsat), the leading provider of satellite solutions in the United Arab Emirates, will be delisted from the Abu Dhabi Securities Exchange (ADX) later this month.
Yahsat shares will be de-listed from the ADX as of Monday, September 30, after the close of trade, per a statement released on Monday.
As part of this merger, all of Yahsat’s debts and assets will be turned over to Bayanat in return for freshly issued Bayanat shares, which will be distributed to Yahsat stockholders. Furthermore, the business will continue to trade on ADX under the new trading name “Space42,” which Bayanat will adopt on October 1, 2024, according to a statement released on Monday.
ICEYE, a leader in SAR satellite operations for earth observation, persistent monitoring, and natural disaster solutions, partnered with Bayanat and Yahsat to successfully launch their first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite into orbit in August.
“We are finalizing plans for the effective integration of both firms and look forward to concluding the merger with Bayanat in the second part of the year.” In the first half of 2024 results release, Yahsat’s group CEO, Ali Al Hashemi, stated, “This merger will position the new combined business – Space42 – as an AI-powered space technology champion in the MENA region with worldwide reach.”
“We will operate communication and Earth observation satellites across several orbits, combining modern satcom technologies with geospatial analytics for the first time in our business,” Al Hashemi added.
In the first half of 2023, Yahsat’s revenue decreased by 3% to Dh734 million, but its net income sharply soared by 62% to Dh269 million.
