Share

ADX confirms rebranding of Bayanat AI PLC to Space42 PLC after merger with Yahsat

The name change is set to take effect on October 1, 2024 
ADX confirms rebranding of Bayanat AI PLC to Space42 PLC after merger with Yahsat
Al Yah Satellite Communications Company PJSC shares will be last traded on September 30 before delisting. (Photo Credit: WAM)

The Abu Dhabi Securities Exchange (ADX) has announced that “Bayanat AI PLC” will officially be renamed “Space42 PLC” following its merger with Al Yah Satellite Communications Company PJSC, which is set to take effect on October 1, 2024.

Trading schedule and delisting

In a recent circular, ADX indicated that trading of the new shares for Bayanat AI PLC—resulting from the merger—will begin on October 1. The last trading day for shares of Al Yah Satellite Communications Company PJSC will be September 30, as the company’s shares will be delisted from the exchange.

Reference pricing details

The circular specified that the reference price for trading shares of Space42 PLC on October 1 will be the closing price of Bayanat AI PLC shares from September 30, subject to market fluctuations of up to 15 percent upward and 10 percent downward.

Merger confirmation

Both Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) have confirmed that their merger is slated for completion on October 1, 2024. In a disclosure to ADX, Bayanat noted that after trading concludes on September 30, Yahsat shares will be removed from the exchange.

Asset transfer and share distribution

Additionally, all assets and liabilities of Yahsat will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be distributed to Yahsat shareholders as part of the merger. Beginning October 1, Bayanat will adopt the trading symbol ‘SPACE42’ and continue its operations on ADX under this new designation.

Read more: Abu Dhabi’s Yahsat approves interim dividend of $55.79 million for H1 2024

Strategic impact of the merger

This merger will establish SPACE42 as a leader in AI-driven space technology within the Middle East and North Africa (MENA) region, enhancing its global presence. Moreover, SPACE42 will integrate Bayanat’s advanced Geospatial AI capabilities with Yahsat’s satellite communications technology to develop innovative space services.

The newly formed entity aims to play a pivotal role in achieving the ambitious goals outlined in the National Space Strategy 2030, while also supporting the objectives of the National Strategy for Artificial Intelligence 2031.

For more news on telecom, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.