RIYADH: The Saudi Stock Exchange has asked banks to pitch for roles advising on its initial share sale, sources familiar with the matter said, kicking off one of the region’s most eagerly-anticipated flotations.

Tadawul said in December that it planned to list in 2018.

An invitation was sent out to local and international banks at the start of March asking them to submit bids to advise on the initial public offering, with responses due at the end of the month, two of the sources said.

Tadawul was not immediately available for comment.

Tadawul All-Share Index, meanwhile, fell 0.3 percent as much activity focused on second-tier stocks favored by local speculators; Wafa Insurance jumped its 10 percent daily limit in unusually heavy trade. Petrochemical blue chip Saudi Basic Industries dropped 1.0 percent.

Zain Saudi — which has been heavily traded since Reuters reported last week that Kuwaiti parent Zain was narrowing the field of potential bidders for its mobile transmitter towers in Saudi Arabia and Kuwait — added 2.9 percent.

Zain Saudi is considering ideas for the sale or joint ownership of its mobile transmitter towers, its CEO Hassan Kabbani said.

The plans are still under study, Kabbani said.

“I cannot talk about where we are on that potential activity, but can tell you that we are considering this as one option,” he told reporters on the sidelines of a conference.