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.
According to a bourse filing on Bahrain Bourse, the Bahraini telecoms group no final decision was taken. 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,” it added.
According to a Bloomberg report, Batelco has reportedly hired the investment arm of Samba Financial Group as an adviser on the deal, the sources said, asking not to be identified as the information is private.
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, without success. Aluminum Bahrain had considered a dual listing in 2014, but it never occurred.
