Thuraya agrees heads of terms to invest in Astrocast through a convertible loan
valued at $17.5 million. It includes an extension of the Orbital Resource
Cooperation Agreement for another four years which was originally entered
between Astrocast and Thuraya in 2019.
 
Lausanne, Switzerland, April 3,  2023 - Astrocast, a leading global
nanosatellite IoT network operator announces today that the company has
concluded Heads of Terms for an investment agreement with Thuraya
Telecommunications Company, the mobile satellite services subsidiary of the
UAE's flagship satellite solutions provider, Al Yah Satellite Communications
Company PJSC ("Yahsat" or "the Group"), the UAE's flagship satellite solutions
provider listed on the Abu Dhabi Securities Exchange ("ADX"