Bahrain Telecommunications Co. shares rallied to the highest since 2008 in heavy trading as the company weighs cross-listing its shares on Saudi Arabia’s stock exchange.
Shares jumped by 2.2% to 0.61 Bahraini dinars at 11:05 a.m. local time. More than 454,000 shares were traded — over six times the stock’s 30-day average for this time of day. The stock was the biggest gainer on the Bahrain Bourse All Share Index by points.
Bloomberg News reported last week that Batelco, Bahrain’s biggest telecommunications firm, is planning to become the first company to have a dual listing on Saudi Arabia’s bourse.
READ: Top Bahrain Telecom Firm Is Said to Weigh Saudi Dual Listing
“Batelco confirms that it has made a preliminary assessment of the potential merits of such transaction,” Batelco said in a statement Sunday. “As of now there is no filing with any stock exchange in relation to a potential dual listing,” it added.
(Updates with more details from the company’s statement.)
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