Integrated Diagnostics Holdings PLC Notice of Arbitration (6306Q)
October 28 2021 - 10:34AM
UK Regulatory
TIDMIDHC
RNS Number : 6306Q
Integrated Diagnostics Holdings PLC
28 October 2021
Notice of Arbitration
28 October 2021
At the request of the Egyptian Financial Regulatory Authority
and Egyptian Stock Exchange, Integrated Diagnostics Holdings plc.
("IDH") makes the following statement.
In 2020, Abdulkader Al Muhaidib and Sons Company ("Al Muhaidib
Company") filed an Arbitration Claim under the number 1394 of 2020
against Dr. Moamena Kamel, Dr. Hend El Sherbini, the heirs of Mr.
Mahmoud Abdulmaguid and IDH (the "Arbitration Claim"). The
Arbitration Claim was filed in relation to a memorandum of
understanding which was entered into on 20 November 2007. IDH was
included as a respondent in the Arbitration Claim, although it was
not a party to the memorandum of understanding, which was entered
into seven years before the incorporation of IDH.
IDH believes that it will succeed in defending the Arbitration
Claim. Al Muhaidib Company previously filed a civil claim based on
the MOU, which was won by IDH. Previous claims brought by Al
Muhaidib Company against the former shareholders of Al Mokhtabar
Company for Medical Testing based on the memorandum of
understanding also failed.
Al Muhaidib Company also filed two administrative claims under
No. 54094 and No. 52584 in relation to IDH. IDH believes that the
administrative claims are likely to be dismissed on grounds of lack
of capacity and lack of validity, and IDH is defending its
position.
Both Dr. Moamena Kamel and Dr. Hend El Sherbini have provided
binding undertakings to indemnify IDH against any liabilities that
may arise out of or in connection to the Arbitration Claim, if Al
Muhaidib Company receive a favourable, final, and enforceable award
therein.
IDH will make available on its website the notice of
arbitration, the undertaking provided by Dr. Hend El Sherbini and
Dr. Moamena Kamel and the previous court judgment of the Cairo
Economic Court.
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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END
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