The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and sustainable profitability.
Abu Dhabi, 23 April 2024 Bayanat AI PLC ( Bayanat ), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. ( Yahsat ), the UAE's flagship satellite solutions provider, will hold their General Assembly Meetings (GAMs) simultaneously on 25 April 2024. During the GAMs, respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
The respective Boards of Directors unanimously voted to recommend to shareholders the merger of the two companies on the 18th of December 2023. The proposed merger will create SPACE42, an AI-powered space technology champion in the MENA region with global reach, and one of the most valuable publicly listed space companies in the world with additional potential for significant global growth and synergies.
SPACE42 has significant potential for growth, both regionally and globally. With combined revenue of AED 2.8 billion and net income of AED 639 million based on the recent 2023 financial results, SPACE42 is well positioned to bring increased value to all stakeholders with the potential for significant synergies. Its strengthened financial position will be supported by a Financial Framework that will prioritize investments in sustained business growth and expansion while ensuring robust profitability and attractive returns to shareholders.
The merger is subject to the approval of shareholders representing 75% of the voting rights present at a quorate General Assembly Meeting of each of Bayanat and Yahsat. as well as securing the necessary regulatory approvals in the UAE and internationally. Both companies will continue to operate independently until the merger is effective.
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The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and sustainable profitability.
