Press releases, Reports & Disclosures for Al Yah Satellite Communications Company PJSC

The Board of Al Yah Satellite Communications Company PJSC held a meeting on May 13, 2024, commencing at 3.00 PM and concluding at 4.35 PM (UAE local time). Eight directors attended the meeting, achieving a quorum of 89%. The Board approved the financial statements for the period ending March 31, 2024. They also discussed general matters related to the Company’s activities and passed suitable resolutions. The meeting's summary was signed by the Board Secretary, Clint Irwin Fransquinho de Barros.

Al Yah Satellite Communications Company PJSC has announced a board meeting to be held on 13 May 2024 at 3.00 pm (UAE local time). The agenda of the meeting includes the approval of the company's financial statements for the period ending 31 March 2024 and the consideration of general business, operational, and strategic items that do not affect the company's share price. The disclosure is signed by the Board Secretary, Clint Irwin Fransquinho de Barros.

The Annual General Assembly Meeting of Al Yah Satellite Communications Company PJSC was held on Thursday 25 April 2024. Shareholders representing 70.5% of the company's share capital registered for the meeting, which was held at the Four Seasons Hotel Abu Dhabi and virtually. The meeting was attended by Mr. Ahmad Al Raisi, a representative of the Securities and Commodities Authority. The Chairman of the Board of Directors, H.E. Musabbeh Helal Musabbeh Ali Al Kaabi, declared the meeting quorate and appointed Mr. Ahmad Ma’abreh as secretary to the meeting and First Abu Dhabi Bank and Lumi as vote collectors. The secretary presented the agenda, which included Ordinary Resolutions requiring the approval of the majority of shares represented at the meeting.

Shareholders of Bayanat AI PLC and Al Yah Satellite Communications Company P.J.S.C. (Yahsat) have approved a merger to create SPACE42, an AI-powered space technology company based in the Middle East North Africa (MENA) region. The merger, proposed in December 2023, is expected to be effective by mid-2024. SPACE42 will combine Bayanat’s Geospatial AI capabilities with Yahsat’s satellite communications capabilities to create new space-based services. The new entity aims to offer an expanded scope of services, utilize economies of scale, and improve profitability. The merger is in line with the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031. SPACE42 is expected to become one of the world's most valuable publicly listed space companies.

The Al Yah Satellite Communications Company held its Annual General Assembly Meeting on 25 April 2024, from 4 p.m. to 5 p.m., both in person in Abu Dhabi and virtually. The meeting, chaired by H.E. Musabbeh Helal Musabbeh Ali Al Kaabi, had a quorum of 70.5%. The attendees approved the Board of Directors' report on the company's activities and its financial position for 2023, the external auditor’s report, and the company's balance sheet and profit and loss account for 2023. They also approved a final cash dividend of AED 200,793,093 and an interim dividend, making the total cash dividend AED 401,586,186 for 2023. A payment of AED 6,500,000 to the Board of Directors as remuneration for 2023 was approved, and the Board was discharged from liability for their 2023 activities.

Al Yah Satellite Communications Company PJSC has scheduled a board meeting for 25 April 2024, at 7.00 pm UAE local time. The agenda includes the election of the Chairperson and Vice Chairperson of the Board of Directors via secret ballot. The meeting will also consider general business, operational, and strategic items that do not affect the company's share price. The disclosure is signed by Clint Irwin Fransquinho de Barros, the Board Secretary.

On 16th April 2024, Yahsat reported an unexpected anomaly with the Thuraya 3 (T3) satellite that caused an ongoing service outage of both voice and packet services. The T3 satellite provides L-band mobile satellite services predominantly over South and East Asia and the Pacific region. Following the incident, most recovery options have been exhausted and it is expected that services will remain significantly diminished for a prolonged period in most of the affected geographies. Thuraya is working on recovering services in some markets within a few days and in additional geographies in the coming weeks. The satellite remains safe and under control. A financial impact assessment has been initiated and the results will be communicated to the market as required. Thuraya has a dedicated 24/7 customer service line to address any inquiries related to this incident.

On 15th April 2024, the Thuraya 3 (T3) satellite experienced an unexpected anomaly that caused a service outage affecting both voice and packet services. The satellite, which is in a geostationary orbit at 98.5° E longitude, provides L-band mobile satellite services mainly over South and East Asia and the Pacific region. Thuraya has initiated standard incident management procedures and is investigating the incident in collaboration with the satellite manufacturer. The satellite remains safe and under control. Updates will be provided to the market and customers through official communication channels. Thuraya also has a dedicated 24/7 customer service line to address any inquiries related to this incident.

On 4th April 2024, a letter was sent to the CEO of Abu Dhabi Securities Exchange, announcing the closure of nominations for the Board of Directors of Al Yah Satellite Communications Company PJSC (Yahsat). The nominations period ended at 3 PM (UAE time) on 3rd April 2024. A list of candidates for the Board elections, scheduled for 25th April 2024 at 4 PM (UAE time), was enclosed. The aim is to elect nine members to the Board of Directors for a three-year term. The list of candidates was also uploaded to the company's website. The letter was signed by the Board Secretary, Clint Irwin Fransquinho de Barros.

Al Yah Satellite Communications Company (Yahsat), the UAE's premier satellite solutions provider, has appointed Amit Somani as its Chief Growth and Strategy Officer. Somani, a satellite communications industry veteran, previously worked with Yahsat from 2010 to 2022 in various roles, including Vice President of Strategy and Business Development and Chief Strategy Officer. In his new role, he will oversee the company's growth strategy and lead its global strategic partnerships. His expertise will be instrumental in diversifying the company's product range and expanding into new market segments.