Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) recently announced that their merger is scheduled to be completed on October 1, 2024.
In a disclosure to the Abu Dhabi Securities Exchange (ADX), Bayanat stated that effective after the close of trading on September 30, 2024, Yahsat shares will be de-listed from ADX.
In addition, all Yahsat assets and obligations will go to Bayanat in exchange for new Bayanat shares, which the company will allocate to Yahsat shareholders as part of this merger. On October 1, Bayanat will change its trading symbol to ‘SPACE42’. From that date onwards, the company will continue trading on ADX under the new trading symbol.
SPACE42
The merger will create SPACE42, a global AI-powered space technology champion in the Middle East North Africa (MENA) region with global reach. SPACE42 will also consolidate Bayanat’s cutting edge Geospatial Artificial Intelligence (AI) capabilities with Yahsat’s satellite communications capabilities to create new space services.
“Bayanat and Yahsat have laid strong foundations for SPACE42 to build upon with enormous potential to disrupt the space-tech industry. The merger marks a significant step for shareholders and underscores our commitment to advance the UAE’s position as a global AI-powered SpaceTech leader,” stated Karim Sabbagh, managing director designate of SPACE42.
The new entity will play a significant role in realizing the ambitious objectives of the National Space Strategy 2030. Furthermore, it supports the goals of the National Strategy for Artificial Intelligence 2031.
Read: Abu Dhabi’s Yahsat approves interim dividend of $55.79 million for H1 2024
Merger to expand scope of service offerings
Yahsat and Bayanat’s boards of directors initially proposed the merger on December 18, 2023.
In an earlier statement, Yahsat noted that SPACE42 has significant potential for growth, both regionally and globally. Moreover, it is gearing up to become one of the world’s most valuable publicly listed space companies. With a total revenue of AED2.8 billion and a net income of AED639 million, SPACE42 will bring greater value to all stakeholders.
“The creation of SPACE42 exemplifies the forward-thinking vision of the UAE’s wise leadership, which emphasizes innovation as a key driver of advancement and sustainable development,” stated Mansoor Al Mansoori, chairman designate of SPACE42.
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