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

On January 29, 2024, Al Yah Satellite Communications Company PJSC disclosed the results of a written resolution circulated on January 26, 2024. Eight directors approved the resolution, which discussed and made decisions on general matters related to the company's activities. The authorized signatory for this resolution was Clint Irwin Fransquinho de Barros, the Board Secretary.

Space42, an AI-powered space technology firm, has been introduced as the new brand for the merged entities of Bayanat and Yahsat. The merger aims to create a global technology champion in the MENA region, with potential for significant global growth. The combined entity will have enhanced AI-powered technology and a diversified product portfolio, positioning it to capture regional and international opportunities in geospatial and mobility solutions, satellite communications, and business intelligence. Post-merger, H.E. Mansoor Al Mansoori will serve as Chairman, Dr. Bakheet Al Katheeri as Vice Chairman, and Karim Michel Sabbagh as Managing Director of Space42. The proposed Board of Directors will also include H.E. Tareq Al Hosani, H.E. Maryam Al Mheiri, Ismail Abdulla and Kiril Evtimov.

Space42, an AI-powered space technology company, has been unveiled as the new brand following the proposed merger of Bayanat and Yahsat. The merger is expected to create a leading space technology entity in the MENA region with significant potential for global growth. The combined company will be chaired by H.E. Mansoor Al Mansoori, with Dr. Bakheet Al Katheeri as Vice Chairman and Karim Michel Sabbagh as Managing Director. The merger is expected to create synergies, increase revenue, and position the company for innovative growth in geospatial and mobility solutions, satellite communications, and business intelligence.

The board of Al Yah Satellite Communications Company PJSC ("Yahsat") held a meeting on 18th December 2023, from 4:00 PM to 5:00 PM UAE local time. All seven directors were present and approved two major decisions. The first decision was to approve the merger of Bayanat and Yahsat, subject to certain conditions and the approval of the shareholders of both companies. This decision was made in accordance with Article 285(1) of the UAE Federal Decree Law No. (32) of 2021 concerning Commercial Companies and Parts 25 and 26 of the Companies Regulations 2020 (ADGM). The second decision was to approve the execution of the merger agreement between Bayanat and Yahsat, which outlines the terms, conditions, rights, and obligations related to the merger.

Bayanat and Yahsat, two leading companies in satellite operations and AI-powered geospatial solutions respectively, are partnering to create an AI-powered space technology champion with global reach. The partnership aims to unlock opportunities across the space value chain for profitable growth. The collaboration will leverage complementary capabilities such as IoT data integration, AI-enabled solution development, and multi-orbit capabilities, covering over 80% of the world's population. The partnership is expected to create significant revenue synergies and economies of scale. The shareholders of Yahsat and Bayanat will own 46% and 54% of the total share capital respectively. The partnership aims to elevate the global space tech industry and advance the UAE's position as a global supplier of satellite technology. The collaboration is backed by G42, Mubadala and IHC. The market capitalisation based on both entities' closing share prices as of 18 December 2023 is 15 AED billion.

Bayanat AI PLC and Al Yah Satellite Communications Company P.J.S.C. (Yahsat) have been recommended by their boards to merge, creating a UAE-based space technology company with AI capabilities. The combined entity would have an implied market capitalization of over AED 15 billion (over USD 4 billion) and a free float of 21%. The merger would result in a vertically integrated provider of AI-powered geospatial and mobility solutions, satellite communications, and business intelligence. The combined entity is expected to yield significant revenue synergies, economies of scale, and position the organization for innovation and profitable growth. Bayanat and Yahsat shareholders will own 54% and 46% respectively of the new entity.

On 10th December 2023, Al Yah Satellite Communications Company PJSC announced its intention to consider and adopt a written resolution by circulation. This resolution, set to be circulated on 13th December 2023 after 3:00 PM, will focus on general business, operational and strategic items that do not impact the company's share price. The announcement was made by the Board Secretary, Clint Irwin Fransquinho de Barros.