The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI/WAM
Abu Dhabi Securities Exchange (ADX) announced on Monday that the name of “Bayanat AI PLC” will be officially changed to “Space42 PLC”, following its merger with Al Yah Satellite Communications Company PJSC, set to commence on 1st October, 2024.
In a circular issued on Monday, ADX said that trading of the new shares of Bayanat AI PLC (resulting from the merger) will commence on 1st October, noting that 30th September will be the last trading day for the shares of Al Yah Satellite Communications Company PJSC, since the company’s shares will be delisted from the market.
According to the circular, the reference price for trading Space42 PLC shares in the trading session on 1st October will be the closing price of Bayanat AI PLC shares on September 30, as this price will be subject to the price movements in the market (15 percent up and 10 percent down).