emirates7 - Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) announced on Monday that their merger is set to be finalized on 1st October 2024.
In a statement to the Abu Dhabi Securities Exchange (ADX), Bayanat revealed that Yahsat's shares will be de-listed from ADX after trading closes on 30th September 2024. As part of the merger, all of Yahsat's assets and liabilities will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be distributed to Yahsat shareholders. Starting from 1st October, Bayanat will trade under the new symbol 'SPACE42.'
This merger will SPACE42, a global leader in AI-powered space technology, based in the Middle East and North Africa (MENA) region with a global presence. The new entity will combine Bayanat’s expertise in Geospatial AI with Yahsat’s satellite communications capabilities to offer innovative space-based services that will greatly benefit societies and economies worldwide.
In a statement to the Abu Dhabi Securities Exchange (ADX), Bayanat revealed that Yahsat's shares will be de-listed from ADX after trading closes on 30th September 2024. As part of the merger, all of Yahsat's assets and liabilities will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be distributed to Yahsat shareholders. Starting from 1st October, Bayanat will trade under the new symbol 'SPACE42.'
This merger will SPACE42, a global leader in AI-powered space technology, based in the Middle East and North Africa (MENA) region with a global presence. The new entity will combine Bayanat’s expertise in Geospatial AI with Yahsat’s satellite communications capabilities to offer innovative space-based services that will greatly benefit societies and economies worldwide.