REG - Integrated Diag Hdgs - IDH INCREASES STAKE IN BIOLAB KSA

Integrated Diagnostics HoldingsAnnouncement

09/12/2024 11:00

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RNS Number : 3488P  Integrated Diagnostics Holdings PLC  09 December 2024

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
(mailto: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.

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