Integrated Diagnostics Holdings PLC Purchases Additional 49%
Stake in Biolab KSA
9 December
2024
(Cairo and
London) - Integrated Diagnostics Holdings ("IDH," "the
Group," or "the Company"), a leading provider of diagnostic
services with operations in Egypt, Jordan, Nigeria, Sudan, and
Saudi Arabia, announced today the purchase of an additional 49.0%
stake in Biolab KSA. The additional stake, previously held by
Izhoor Holding Medical Company LLC ("Izhoor"), was purchased for a
total consideration of SAR 12.0 million (USD 3.2 million). The
transaction involved a one-time cash payment from IDH to Izhoor
financed from IDH's existing cash.
IDH's holdings in Biolab KSA following the
transaction stand at 79.0% (versus its previous 30.0% stake), with
the remaining 21.0% held by the Group's Jordanian subsidiary, Al
Makhbaryoun Al Arab LLC ("Biolab").
Dr. Hend El
Sherbini, IDH CEO, commented: "Since the launch of our Saudi
Arabian operations in January 2024, we have been very pleased with
the venture's ramp up, which continues to enjoy growing momentum as
patients in the Kingdom discover the superior quality and
experience delivered across our branches. By increasing our stake
in the venture, we are eager to accelerate its expansion so that we
can fully capitalise on the important growth opportunities offered
by the large and currently underserved Saudi market. Looking ahead,
we look forward to working closely with our long-time friends and
partners at Biolab to ensure the new venture's success and provide
patients around Saudi Arabia with the world-class quality and care
that our communities have come to expect from the IDH and Biolab
brands."
-Ends-
About Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics
services provider in the Middle East and Africa offering a broad
range of clinical pathology and radiology tests to patients in
Egypt, Jordan, Nigeria, Sudan, and Saudi Arabia. The Group's core
brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as
well as Biolab (Jordan), Echo-Lab (Nigeria), Ultralab and Al
Mokhtabar Sudan (both in Sudan), and Biolab KSA (Saudi Arabia).
With over 40 years of experience, a long track record for quality
and safety has earned the Company a trusted reputation, as well as
internationally recognised accreditations for its portfolio of over
3,000 diagnostics tests. From its base of 601 branches as of 31
December 2023, IDH served over 8.5 million patients and performed
more than 36.1 million tests in 2023. IDH will continue to add
laboratories through a Hub, Spoke and Spike business model that
provides a scalable platform for efficient expansion. Beyond
organic growth, the Group targets expansion in appealing markets,
including acquisitions in the Middle Eastern, African, and East
Asian markets where its model is well-suited to capitalise on
similar healthcare and consumer trends and capture a significant
share of fragmented markets. IDH has been a Jersey-registered
entity (i) whose shares are admitted to the equity shares
(transition) category (previously, the standard listing segment) of
the Official List of the UK Financial Conduct Authority and
admitted to trading on the main market for listed securities of the
London Stock Exchange (ticker: IDHC) since May 2015.
Contact
Tarek Yehia
Investor Relations
Director
T: +20 (0)2 3332 1126 | M: +20 10
6882 6678 | tarek.yehia@idhcorp.com
Important Notice
The information contained in this
announcement is deemed by the Company to constitute inside
information as stipulated under the UK version of the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain. Company Matters, IDH's Company Secretary,
is responsible for the release of this announcement for the
purposes of such regulation.