Integrated Diagnostics Holdings PLC Dual Listing - FRA registration approval (0618T)
March 22 2021 - 7:31AM
UK Regulatory
TIDMIDHC
RNS Number : 0618T
Integrated Diagnostics Holdings PLC
22 March 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN
OFFER OF SECURITIES IN ANY JURISDICTION.
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION.
IDH receives FRA registration approval as a preliminary step for
its dual listing and trading on the Egyptian Exchange
The listing is complementary to its trading on the LSE and is
expected to increase IDH's visibility in Egypt where the Company
generates the majority of its business and allows local investors
to easily trade IDH's shares and capitalise on the Company's strong
growth prospects
22 March 2021
(Cairo and London) - Integrated Diagnostics Holdings ("IDH,"
"the Company" or "the Group," IDHC on the London Stock Exchange), a
leading consumer healthcare company with operations in Egypt,
Jordan, Sudan, and Nigeria, announces that it has received approval
from the Egyptian Financial Regulatory Authority ("the FRA") to
proceed with a dual listing of the Company's ordinary shares on the
Egyptian Exchange ("the EGX"), which IDH believes will be
complementary to its current listing on the London Stock Exchange
("the LSE").
IDH will pursue a technical listing on the EGX without any
concurrent offering of new shares by the Company as an efficient
path to achieve accelerated admission and access new liquidity
pockets with increased trading volumes. The technical listing, the
first of its kind on the EGX, will see IDH meet the regulatory
requirements of the EGX listing and delisting rules, including a 5%
minimum free float on the EGX. IDH has received the FRA
registration approval on 22 March 2021 as a preliminary step for
its listing and trading on the EGX, and is in the process of
obtaining further remaining regulatory approvals to finalize the
listing and commence trading on the EGX.
The listing will give Egypt-based and regional investors as well
as global emerging markets specialists, who are sometimes unable to
access shares traded on the LSE, the opportunity to trade IDH's
shares and capitalise on the Company's strong growth prospects in
the fast-growing Egyptian and regional healthcare sectors.
Characterized by strong structural growth drivers, including
fast-growing populations, a rising prevalence of lifestyle diseases
and favourable government regulation, regional healthcare markets
offer investors significant value and potential returns. The dual
listing will see the Company's ordinary shares admitted to and
traded in a fungible manner between the two exchanges with trading
on the Egyptian Exchange to be denominated in Egyptian pounds.
Commenting on the dual listing, CEO Dr. Hend El Sherbini said:
"The FRA's registration approval is an important milestone to
bringing home IDH's shares to the EGX, where the Company's market
capitalization of over USD 600 million will add significant value
to the exchange and strengthen its position as a key entry point
for MENA equity and debt capital markets. As a leader in the
Egyptian and regional healthcare diagnostics business, IDH offers
investors an attractive opportunity to capitalise on fast-growing,
underserved healthcare markets through an organization with a
well-suited business model and clearly defined growth strategies.
Our multi-pronged approach to sustainable growth revolves around
the strategic expansion of our branch network to improve
accessibility and reach new segments of the population, coupled
with the continuous enhancement of our service roster and delivery
capabilities. This enables IDH to provide our high-quality medical
assistance and services to a growing number of individuals, helping
us to fulfil our mission of bettering the lives of the communities
we operate in."
"From the time of our IPO in 2015, our goal was to offer this
unique value proposition to the widest investor base possible.
Following a successful track record as a public company on the LSE,
a dual listing on the EGX will help us achieve this goal and build
a larger pool of geographically diversified shareholders. We look
forward to a speedy admission in the weeks ahead and a kick-off of
trading with increased future participation from local retail and
institutional investors. IDH will remain fully committed to meeting
the high standards of disclosure expected of companies listed in
Egypt, as well as in London."
EFG Hermes and Renaissance Capital are advising the Company in
connection with the dual listing. Clifford Chance (as to English
and US law), Ogier (as to Jersey law) and White & Case (as to
Egyptian law) are acting as legal counsel to the Company.
IDH's listing on the EGX is expected to be completed during the
first half of 2021 subject to receipt of regulatory approvals and
the Company will announce further details as regards the
commencement of trading in due course.
-Ends-
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 471
branches as of 30 September 2020, 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 and African 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.
Learn more at idhcorp.com .
The person responsible for arranging the release of this
announcement is Nancy Fahmy, Investor Relations Director at
IDH.
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 |
nancy.fahmy@idhcorp.com
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