Mubadala tees up first Abu Dhabi IPO since 2017


FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo

ABU DHABI: Satellite operator Yahsat plans to list a stake of as much as 40% in Abu Dhabi next month, in what would be the first initial public offering (IPO) on the emirate’s stock exchange since 2017.

Al Yah Satellite Communications Co, fully owned by Abu Dhabi’s US$243bil (RM1.01 trillion) sovereign fund Mubadala Investment Co, has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings Plc as joint lead managers, according to an advertisement in the National. The company offers satellite communications solutions in over 150 countries.

Yahsat’s share sale would mark the first IPO in Abu Dhabi since Abu Dhabi National Oil Co for Distribution PJSC began trading in 2017. Sovereign funds ADQ and Mubadala – alongside the emirate’s state oil company – have signalled their intentions to list more assets locally.

The IPO is offering a minimum of 731.9 million shares and a maximum of 975.9 million shares, representing a minimum 30% stake and a maximum 40% stake in the company.

The offer is expected to close on July 6 for the first and third tranches and July 8 for the second tranche while the final offer price and size will be on July 9. ― Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

initial public offering , IPO , Yahsat , Abu Dhabi

   

Next In Business News

CPO futures may see technical correction after rally
Ringgit to trade in tight range vs US$
New warning system to sound alarm on rainforest 'tipping points'
FOREX-US$ posts second week of gains ahead of Fed meeting
Oil price edges up in weekly rebound on forecasts for tight supplies
GLOBAL MARKETS-US stock markets hit new highs
Hotel industry’s defining moment
The toll on employment
Short Positions - Insurance, Covid-19, ESG
DPI Holdings sees virus-led opportunities

Stories You'll Enjoy


Vouchers