ABU DHABI, Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market, Sunday announced its intention to offer 571,428,572 shares of the Company for public subscription – which will represent 22.22 percent of its share capital as at the listing date – and list the Company on the First Market of the Abu Dhabi Securities Exchange (ADX).
The subscription period for the listing will open on 21st October and close on 25th October, 2022. The Company intends to list on ADX on 31st October, 2022.
As at listing date, provided that the offering shares are fully subscribed, 77 percent shareholding will be held by Group 42 Holding Ltd.
Commenting on the announcement, Tareq Al Hosani, Chairman of the Board of Directors of the Company, said, “Throughout its 45-year heritage, and since becoming a member of the G42 ecosystem in 2020, Bayanat has been leveraging artificial intelligence and its developmental capabilities to offer differentiated geospatial AI solutions, underpinned by visionary leadership, a capable team of innovators, and a robust customer pipeline. We are confident that the Company is now strategically positioned to enter a new phase of growth with its planned listing on ADX as we look to deliver sustained shareholder value. On this significant occasion, and on behalf of the Board of Directors, I extend my thanks to our shareholders for their continued trust and confidence.
“As part of our ongoing efforts to catalyze positive development across the communities in which we operate, we look to play a significant role in the UAE’s economic growth, as well as that of the region and globally. The promising commercial market for our advanced solutions is expected to grow exponentially within the next five years, and Bayanat’s proven business model and ambitious growth strategy will serve as a foremost determinant of our aspiration to become a powerhouse in global AI-powered geospatial intelligence,” he added.
Source: Emirates News Agency