Saudi Arabia's regulator has referred the case of suspected insider trading involving telecommunications operator Etihad Etisalat (Mobily) to the public prosecution, it said in a statement on Wednesday.

The Capital Market Authority launched an investigation into the firm in November after Mobily restated a year and a half of its earnings.

On Wednesday, the regulator said procedures relating to other relevant suspected violations were ongoing, without elaborating.

Earlier in the day, Mobily said it was studying the possibility of selling its telecommunications towers but hadn't reached any agreement yet.

It followed the regulator suspending trade in Mobily shares for two hours to give the company time to clarify information related to one of its businesses.

The Wall Street Journal reported on Tuesday, citing unnamed sources, that Mobily planned to sell its telecommunications towers portfolio for up to $2 billion.  - Reuters