Abu Dhabi – Mubasher: The board of Space42 has approved the entry of its subsidiaries into a proposed financing transaction with various financial institutions valued at $695.50 million.

The facility deal comes within the framework of the Al Yah 4 and Al Yah 5 satellite program, according to a bourse disclosure.

Meanwhile, the two units are Yahsat Treasury Sole Proprietorship and Star Satellite Communications Company.

In May, Space42’s subsidiary Mira Aerospace inaugurated MENA’s first High Altitude Platform Stations (HAPS) manufacturing facility in Abu Dhabi.