Abu Dhabi's Mubadala mulling IPO of Yahsat, CEO-designate says
Yahsat provides integrated satellite communications solutions to over 150 countries
Abu Dhabi: Al Yah Satellite Communications Co.'s incoming chief executive officer said its owner is considering an initial public offering of the Abu Dhabi-based firm.
"Mubadala Investment Co. is looking at this very closely," Ali Al Hashemi said in an interview in Abu Dhabi. "I can say that financially we are very healthy to be applicable for IPO, but Mubadala has to take the final decision."
Yahsat provides integrated satellite communications solutions to over 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia, according to information on its website. It runs five satellites and is wholly owned by Mubadala, the $232 billion state-controlled wealth fund.
Al Hashemi, current CEO of Thuraya Telecommunications and the general manager of Yahsat Government Solutions, will take over as the CEO of Yahsat Group in April.