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In case of Saudi listing, Batelco will become the first company to have a dual listing of shares on the Saudi Stock Exchange (Tadawul) and the Bahrain Bourse
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According to a Bloomberg report quoting sources, Batelco has hired the investment arm of Samba Financial Group as an adviser for the deal
Bahrain Telecommunications (Batelco) confirmed it conducted a preliminary assessment of the merits of dual listing, but clarified that as of now there is no filing with any stock exchange, a report published by developingtelecoms.com said Monday.
The report quotes a filing on Bahrain Bourse, which said no final decision was taken about Saudi listing. If it does, Batelco will become the first company to have a dual listing of shares on the Saudi Stock Exchange (Tadawul) and the Bahrain Bourse.
“As of now there is no filing with any stock exchange in relation to a potential dual listing,” the filing said.
According to a Bloomberg report, Batelco has reportedly hired the investment arm of Samba Financial Group as an adviser for the deal.
Batelco’s major shareholders include Bahrain Mumtalakat Holding Co. with 36.67% stake, Amber Holding Co. (20%), Social Insurance Organization (10.57%), and Social Insurance Organization (Pension) – Civil (6.11%), according to data available with Argaam, a Saudi Arabian financial news portal.
Tadawul has been trying to encourage Middle Eastern firms to dual list for years. Aluminum Bahrain had considered a dual listing in 2014, but it never occurred.
