Press releases, Reports & Disclosures for Bayanat AI PLC

The Board of Directors of BAYANAT AI PLC will issue a written resolution on 12 March 2024 at 4:00 pm. The resolution will address three key points: the invitation to the Company's Annual General Assembly meeting, scheduled for 25 April 2024 at 3:00 pm (UAE time); the approval of the shareholders' circular pertaining to the Company's merger with Al Yah Satellite Communications Company PJSC ("Yahsat"); and the approval of the change of Bayanat's legal name to 'Space42 PLC', along with the amended and restated Articles of Association of the Company. The last point is subject to obtaining approval from relevant authorities on the merger and the terms and conditions of the Merger Agreement.

Abu Dhabi-based company Bayanat, a provider of AI-powered geospatial solutions, reported a 47% increase in revenue for 2023, reaching AED 1.16 Billion. The company's net profit also rose by 15% to AED 232 Million. The growth in revenue was primarily driven by its Smart Operations Solutions and Smart Space Solutions. The company also achieved a zero-debt position in 2023. Despite the growth, net profit as a percentage of revenue was slightly lower due to strategic investments in talent, R&D, product strategy, and new organizational processes. Bayanat is also planning a merger with Yahsat, which will create one of the most valuable publicly listed space companies in the world.

Abu Dhabi-based company Bayanat has reported a 47% increase in annual revenue for 2023, equivalent to AED 371 million, while its net profit grew by 15% or AED 30 million. The company's net profit as a percentage of revenue was slightly lower than the previous year due to strategic investments. Bayanat also achieved a zero-debt position in 2023. The revenue growth was primarily driven by its Smart Operations Solutions and Smart Space Solutions. Bayanat and Yahsat have proposed a merger, which, if finalized, would make the resulting entity, Space42, one of the world's most valuable publicly listed space companies.

Space42 has been announced as the new brand for the merged entities of Bayanat AI PLC and Al Yah Satellite Communications Company (Yahsat). The merger will create an AI-powered space technology company with potential for global growth. H.E. Mansoor Al Mansoori will be Chairman, Dr. Bakheet Al Katheeri will be Vice Chairman and Karim Michel Sabbagh will join as Managing Director. The company will focus on geospatial and mobility solutions, satellite communications and business intelligence. The proposed Board of Directors will also include H.E. Tareq Al Hosani, H.E. Maryam Al Mheiri, Ismail Abdulla and Kiril Evtimov.

Bayanat AI PLC and Al Yah Satellite Communications Company P.J.S.C. (Yahsat) have announced plans for a merger. The proposed merger, recommended by both companies' boards, will create a UAE-based space technology company with an estimated market capitalization of over AED 15 billion (over USD 4 billion). The combined entity, which will offer AI-powered geospatial and mobility solutions, satellite communications, and business intelligence, is expected to have a significant global reach and impact. The shareholders of Bayanat and Yahsat will own 54% and 46% of the new entity respectively, with institutional backing from G42, Mubadala, and IHC.