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DUBAI: Mubadala plans to IPO its satellite unit in Abu Dhabi as the UAE capital seeks to bolster its bourse.
Musabbeh Al-Kaabi, the CEO of Mubadala's UAE investments platform, told Bloomberg TV the planned share sale was part of a broader push to diversify the emirate’s economy as well as its stock exchange.
He did not disclose a valuation range for the IPO. However Reuters earlier reported it could raise more $500 million, citing three sources.
Al Yah Satellite Communications Company (Yahsat) operates five satellites which provide communications solutions to more than 150 countries.
“We think it’s the right time to crystallize value to bring local and international investors and help work with us to grow the company going forward,” said Al-Kaabi. “We are bringing a technology play to the market that will bring diversification and will position ADX as a leading market in the region.”
He also revealed plans to IPO Emirates Global Aluminium (EGA), one of the world’s biggest producers of the metal.
“Definitely it’s a candidate for an IPO in the near future,” he said. “We are currently working with advisers on the timing.”