Al Yah Satellite Communications, better known as Yahsat, will be included in global index services provider Morgan Stanley Capital International’s small cap indexes from December 1 this year as it looks to diversify its investor base.
The UAE company, which is listed on the Abu Dhabi Securities Exchange, has been added to the MSCI All Country World Index Small Cap Index, the MSCI Emerging Markets Small Cap Index and the MSCI UAE Small Cap Index after fulfilling the necessary listing requirements, the company said on Sunday.
The MSCI indexes are tracked by funds with billions of dollars worth of assets. The small cap segment of the MSCI indexes tends to capture more local economic and sector characteristics relative to larger emerging market capitalisation segments, according to MSCI.
“Yahsat’s inclusion in three MSCI indices serves as a testament to the group’s position as a local industrial champion and a key contributor to the development and diversification of the UAE economy,” said Yahsat group chief executive Ali Al Hashemi.
“This development is expected to further strengthen Abu Dhabi’s position as an attractive destination for investors.”
The company, a unit of Mubadala Investment Company, raised about $731 million through its initial public offering in July.
It sold 975.9 million shares, or 40 per cent of equity, through the IPO, which was several times oversubscribed, with significant demand from both qualified institutional and retail investors in the UAE, Yahsat said at the time.
The company reported revenue worth $284m for the nine-month period through to the end of September.
This development is expected to further strengthen Abu Dhabi’s position as an attractive destination for investors
Ali Al Hashemi,
group chief executive of Yahsat
“This achievement is a reflection of Yahsat’s proven operational and financial strength and underpins our ongoing commitment to generating shareholder value by investing in next-generation technologies and expanding our geographical footprint," Mr Al Hashemi said.
“This is an important milestone that will allow us to further diversify our investor base and pave the way for increased recognition internationally.”
Founded in 2007, the satellite operator offers multi-mission satellite services in more than 150 countries across Africa, Asia, Australasia, Europe, the Middle East and South America.
It has a current fleet of five satellites that cover more than 80 per cent of the world’s population. A sixth satellite is expected to be launched in the second half of 2023 and begin commercial operations 12 months later.
Yahsat joins a number of other Abu Dhabi companies that are part of the MSCI's global indexes. In May, Abu Dhabi-based food and beverage company Agthia and the UAE’s largest fuel retailer, Adnoc Distribution, were included in the MSCI’s Small Cap Emerging Markets index and the MSCI Emerging Markets index, respectively.
"MSCI indices are tracked globally by major market players and any addition of a particular stock to the index results in heavy liquidity and volume pick-up for the stock," Vijay Valecha, chief investment officer at Century Financial, said in an earlier interview.
"A majority of global passive funds invest based on constituents available as a part of the MSCI and other popular index baskets."
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
RESULT
Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
COMPANY%20PROFILE
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Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
The biog
Name: Gul Raziq
From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
Don't get fined
The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
- Alternative documents related to receiving goods or services
- All tax invoices and tax credit notes
- Alternative documents issued
- Records of goods and services that have been disposed of or used for matters not related to business
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
The Baghdad Clock
Shahad Al Rawi, Oneworld
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
