Arabsat to launch four satellites worth $1.2bn by 2012
Riyadh-based Arab Satellite Communications Organization, or Arabsat, plans to launch one satellite a year until 2012 worth about $1.2 billion totally, a senior company executive told.
"We have four satellites now on order," Mohammed Youssif, Arabsat's vice president of sales said speaking on the sidelines of the 9th Arab Telecom and Internet Forum in Lebanon."They will cost about $1.2 billion and the first will be launched by the fourth quarter of 2009."
The Middle East satellite operator held its annual general meeting Wednesday in Lebanon, where the board approved the company's financial statements. The statements were, however, are not released to the public.
Asked whether Arabsat will launch an initial public offering, or IPO, Youssif said it was always a possibility but he didn't see an offering "on the near horizon."
"We're doing well. We're expanding our revenues and profits. We don't need to raise cash through an IPO, so there's no need for one at this moment," he said.
Arabsat also elected four new members to its board for 2009, from Sudan, Syria, Morocco and Tunisia. These board positions last one year and then are replaced. There are five permanent seats on Arabsat's board.
The company manages and operates satellites for broadcasting, telecommunication and broadband services throughout the Middle East. Governments and government-entities across the Middle East have a stake in Arabsat, which is based in Saudi Arabia. The largest stakeholder in Arabsat is Saudi Telecom Co., with a 36.66% holding.
In February, EADS Astrium and Thales Alenia Space said they were selected by Arabsat to build and put into orbit two new telecommunications satellites, Arabsat 5C and Arabsat 6B.
EADS Astrium is a subsidiary of European Aeronautic Defence & Space Co NV. Thales Alenia Space is two-thirds controlled by Thales SA and one-third by Finmeccanica SpA of Italy.
Источник: Total Telecom
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