Bahrain Telecommunications Co B.S.C (Batelco) could soon list on the Saudi Arabian stock market.
The Bahrain Bourse-listed Batelco said in an exchange filing Sunday it is in a preliminary stage of exploring a dual listing on another stock exchange, although no final call had been taken on the matter.
“Batelco confirms that it has made a preliminary assessment of the potential merits of such transaction. As of now there is no filing with any stock exchange in relation to a potential dual listing and no decision has been taken,” the company said.
The filing was in response to a Bloomberg news report that said the telecom company was looking to list on the Saudi stock exchange Tadawul.
If Batelco does list on Tadawul, this will be the first dual listing by a Bahrain-based company on the Saudi exchange.
Batelco’s key shareholders include Bahrain Mumtalakat Holding, which owns more than 36%; Amber Holding, which holds 20%; Social Insurance Organization, which has a little over 10%; and Social Insurance Organization (Pension) – Civil, with just over 6% shares.
According to the Bloomberg report, the company has hired the investment arm of the Damba Financial Group to advise on the listing.
Batelco was incorporated in 1981. Its market capitalization on the Bahrain Bourse is around 998 million Bahraini dinars, or about $2.65 billion. The company’s revenue for 2020 dropped a tad to 387 million Bahraini dinars from 401.46 million Bahraini dinars.
However, earnings before interest, tax, depreciation and amortization rose to 154.7 million Bahraini dinars from 141.7 million Bahraini dinars.
The company gets 47% of its revenue from Bahrain, 23% from Jordan and 16% from Maldives. Its unit Sure Group contributes the remaining.