Satellite operator Yahsat IPO stable in 1st-day trading; the challenge will be finding growth beyond UAE government

by Peter B. de Selding

PARIS — Satellite fleet operator Yahsat rose 1.8% in its first day of trading on the Abu Dhabi Securities Exchange (ADX) July 14 and will face investor pressure to find new pockets of growth beyond the company’s dominant backer and customer, the United Arab Emirates (UAE) government.

The government accounts for 90% of Yahsat’s contract backlog of $2.2 billion as of March 31.

Yahsat has told investors that in addition to keeping the UAE government happy under a 15-year contract . . .

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