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Bayanat AI PLC, a G42 company, has announced its intention to sell its 571,428,572 shares through an initial public offering (IPO) and list it on the Abu Dhabi Stock Exchange (ADX) Primary Market.
The IPO will represent 22.22% of the company’s listing day share capital, according to a WAM report.
The listing subscription period starts on October 21 and ends on October 25, 2022. The company intends to list on the ADX on October 31, 2022.
As of the listing date, Group 42 Holding Ltd will hold a 77% stake, provided the issued shares are fully subscribed.
Leverage artificial intelligence
Commenting on the announcement, Tareq Al Hosani, chairman of the company’s board of directors, said: “In its 45-year history, since becoming a member of the G42 ecosystem in 2020, Bayanat has been leveraging artificial intelligence and its development in visionary leadership, Supported by a capable innovation team and a strong customer channel, it is able to provide differentiated geospatial AI solutions.
“We believe that the company is now strategically positioned to enter a new phase of growth with a planned listing on ADX as we look to deliver continued shareholder value. On behalf of the Board, I thank our shareholders for their continued trust and confidence at this important time. .
“As part of our ongoing efforts to foster positive development in the communities in which we operate, we want to play an important role in the economic growth of the UAE and the region and globally. The promising commercial market for our advanced solutions is expected to grow exponentially over the next five years rapid growth, and Bayanat’s proven business model and ambitious growth strategy will be the number one determinant of our position as a global AI geospatial intelligence powerhouse,” he added. – arab trade news agency
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