Abu Dhabi – Mubasher: Abu Dhabi-headquartered Mubadala Investment Co. has hired Bank of America and Morgan Stanley as advisors for a potential initial public offering (IPO) of Al Yah Satellite Communications Company (Yahsat), Bloomberg reported on Sunday, citing people familiar with the matter.

The satellite operator, owned by the $232 billion state-controlled wealth fund, is expected to be listed on the Abu Dhabi Securities Exchange (ADX), according to the sources.

The size and timing of the offering have not been decided yet.

In February, the CEO of Yahsat, Ali Al Hashemi, said that Mubadala was considering an IPO of the satellite operator which provides satellite communications solutions in more than 150 countries and owns five satellites as well as satellite phone operator Thuraya Telecommunications.