Brief: Yahsat’s Subsidiary Thuraya Concludes Heads Of Terms For Investment Agreement With Astrocast

Astrocast SA

03/04/2023 06:37

April 3 (Reuters) - AL YAH SATELLITE COMMUNICATIONS CO
PJSC  YAHSAT.AD :
    * YAHSAT’S MOBILITY ARM THURAYA AND ASTROCAST STRENGTHEN
COLLABORATION THROUGH A STRATEGIC INVESTMENT IN LEO IOT
    * THURAYA AGREES HEADS OF TERMS FOR INVESTMENT IN LEADING
IOT AND
LEO NETWORK OPERATOR - ASTROCAST
    * AGREEMENT LOOKS TO INCORPORATE INVESTMENT THROUGH
CONVERTIBLE
LOAN VALUED AT $17.5 MILLION
    * AS PART OF AGREEMENT, BOTH PARTIES WILL ALSO LOOK TO
EXTEND A
TECHNICAL COOPERATION AGREEMENT FOR ANOTHER FOUR YEARS
    * AGREEMENT WITH ASTROCAST AIMS TO STRENGTHEN THURAYA’S
POSITIONING IN THE IOT MARKET AND HELP EXPEDITE THE EXECUTION OF
ITS STRATEGY FOR SATELLITE ENABLED IOT

Further company coverage:  YAHSAT.AD 

 ((Reuters.Briefs@thomsonreuters.com;))