REG - Integrated Diag Hdgs - IDH to no longer pursue acquisition of IDC stake

Integrated Diagnostics HoldingsAnnouncement

31/01/2023 07:01

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RNS Number : 3178O  Integrated Diagnostics Holdings PLC  31 January 2023

IDH to no longer pursue acquisition of IDC stake

31 January 2023

(Cairo and London) - Integrated Diagnostics Holdings ("IDH," "the Group," or
"the Company"), a leading consumer healthcare company with operations in
Egypt, Jordan, Sudan and Nigeria, announces that it will no longer pursue
negotiations for the acquisition of a 50% stake in Islamabad Diagnostic Center
("IDC"). The Group has notified Evercare IGA Holdings Limited (a company
managed by TPG Inc., the "Seller") of its decision which comes at the end of
an eighteen-month process that saw the parties work closely together to bring
the transaction to completion. While the original share purchase agreement
(the "SPA"), which had been signed on 20 December 2021, expired on 29 August
2022, IDH and the Seller continued negotiations aimed at concluding a
transaction on modified terms. Despite the efforts of the parties, extensive
delays in the regulatory review process, the challenging global economic
environment and the condition precedent related to repatriating funds, have
resulted in the discontinuation of negotiations towards completing the
transaction. As always, IDH continues to assess potential value-accretive
acquisition opportunities in new markets across Africa, the Middle East, and
Asia where it feels its business model is best-suited to capitalise on
healthcare and consumer trends similar to those prevailing in our current
markets of operation.

 

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About Integrated Diagnostics Holdings (IDH)

IDH is a leading consumer healthcare company in the Middle East and Africa
with operations in Egypt, Jordan, Sudan and Nigeria. The Group's core brands
include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab
(Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab
(Nigeria). 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 2,000 diagnostics tests. From its base of 546 branches
as of 30 September 2022, 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's expansion plans include
acquisitions in new 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 with a Standard Listing on the Main Market of the
London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing
on the EGX since May 2021 (ticker: IDHC.CA). Learn more at idhcorp.com
(http://idhcorp.com) .

 

Contact

Nancy Fahmy

Investor Relations Director

T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com
(mailto:nancy.fahmy@idhcorp.com)

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