Tuesday 21 May 2024

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Bayanat, Yahsat shareholders to vote on merger on April 25

, 27 days ago

Shareholders of Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat) will vote on the proposed merger of the two entities on April 25.
For this the two firms will hold their General Assembly Meetings (GAMs) simultaneously.
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and sustainable profitability.
Creation of SPACE42
The respective Boards of Directors unanimously voted to recommend to shareholders the merger of the two companies on December 18, 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 AED2.8 billion ($760 million) and net income of AED639 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 prioritise 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.--TradeArabia News Service


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