Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat), announced on Monday that the merger between the two companies is scheduled to be completed on 1st October 2024.

In a disclosure to the Abu Dhabi Securities Exchange (ADX) today, Bayanat stated that effective after the close of trading on 30th September 2024, Yahsat shares will be de-listed from ADX.

According to the disclosure, all Yahsat assets and obligations will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be allocated to Yahsat shareholders as part of this merger. On 1st October, Bayanat will change its trading symbol to ‘SPACE42’. From 1st October onwards, the company will continue trading on ADX under this new trading symbol.

The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) region with global reach.

The new entity will consolidate Bayanat’s advanced Geospatial Artificial Intelligence (AI) capabilities with Yahsat’s advanced Satellite communications capabilities to create new space-based services that will have a significant positive impact on societies and economies.

WAM