RNS Number : 3380Y
Integrated Diagnostics Holdings PLC
06 September 2022
 

SPA for IDH's acquisition of a stake in IDC expires; negotiations to continue

 

6 September 2022

(Cairo and London) - In relation to the share purchase agreement (the "SPA") signed on 20 December 2021 by IDH (or "the Company") for the acquisition of a 50% stake in Islamabad Diagnostic Center ("IDC"), IDH has notified Evercare IGA Holdings Limited (the "Seller") of its decision to terminate the SPA on 29 August 2022. Termination has become inevitable as the Long-stop Date (which had already been extended for a period of three months) has occurred without the satisfaction of all conditions precedent ("CPs"). However, negotiations with the Seller are ongoing, with Pakistan's evolving economic challenges and geopolitical situation to be important considerations in the completion of the negotiations. In case the Company were to reach an agreement with the Seller, an amended SPA will be signed and a new Long-stop Date set.

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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 520 branches as of 31 March 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.

 

Contact

Nancy Fahmy

Investor Relations Director

M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com

 

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