Manama: Bahrain’s largest telecommunications company plans to become the first company to have a double listing of shares on Saudi Arabia’s stock exchange. Bahrain Telecommunications Co., also known as Batelco, has appointed the investment arm of Samba Financial Group as an advisor on the transaction. Saudi Arabia’s exchange has been trying for years to encourage Middle Eastern businesses to get a double list, without success. Aluminum Bahrain considered a double listing in 2014, but it never took place.
The Saudi stock exchange is the largest and most active trade in the Gulf region. Trading volumes on other exchanges declined, leading to several companies delisting the exchange in Dubai and Bahrain. Khalid Al Hussan, CEO of Saudi-Tadawul Group, said in April that the exchange was reviewing cross-listings of companies in Bahrain and Abu Dhabi and two agreements had been signed – with the Abu Dhabi Securities Exchange and Bahrain Stock Exchange. “There are companies that have applied and appointed financial advisers to be listed twice,” Mohammed Al-Rumaih, chief executive of Saudi Arabia, said in April. “I expect we will see the first company with double listing this year.”