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Integrated Diag Hdgs (IDHC)

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Thursday 06 May, 2021

Integrated Diag Hdgs

FRA dual listing approval

RNS Number : 8447X
Integrated Diagnostics Holdings PLC
06 May 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 approval from the FRA for its dual listing on the Egyptian Exchange; trading expected to commence on 20 May 2021

 

The listing of the EGP-denominated ordinary shares will position IDH as the sole dual-listed Egyptian company on both the Egyptian Exchange and the London Stock Exchange

 

6 May 2021

 

(Cairo and London) Further to its announcements on 22 March 2021 and 5 May 2021, Integrated Diagnostics Holdings ("IDH," "the Company" or "the Group," IDHC on the London Stock Exchange ("the LSE")), 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") for the dual listing of the Company's ordinary shares on the Egyptian Exchange's ("the EGX") main market under the EGX ticker code IDHC.CA and ISIN code EGS99021C015.

 

Following the EGX's approval received on 5 May 2021, today's FRA approval allows the Company to proceed with publication of the disclosure form in two local newspapers in connection with the listing and trading on the EGX, the final key regulatory step required prior to commencement of trading on the EGX, which is expected to begin on 20 May 2021.  

 

The technical listing is without any concurrent offering of new shares by the Company, the first of its kind on the EGX, and meets the regulatory requirements of the EGX listing and delisting rules, including a 5% minimum free float (equivalent to 30,000,000 shares) on the exchange. The EGX-listed shares will be denominated and traded in Egyptian Pounds ("EGP"), and will be complementary to the Company's USD-denominated shares that are currently listed and traded on the LSE.

 

Commenting on the EGX's approval, CEO Dr. Hend El Sherbini said: "We are delighted to have received the final regulatory approval and the FRA's signoff on our dual listing on the EGX. This follows IDH's successful roadshow that garnered strong interest from local investors looking to capitalize on our Group's growth story. The listing will help improve liquidity and increases IDH's visibility in our home market of Egypt."

 

"At the time of our IPO in 2015, IDH was the first Egyptian healthcare company to be listed on the London Stock Exchange. Today, with the approval for our technical listing on the EGX, we are yet again at the forefront with IDH being the sole dual-listed Egyptian company on the LSE and EGX. We are also proud to have pioneered the technical listing model, the first of its kind on the EGX and one that is bound to encourage more firms to proceed with listings and grow the EGX's attractiveness," El Sherbini added.  

 

The dual listing boasts a fungible structure between the LSE and the EGX whereby shares are easily transferred between the two exchanges through a set share transfer mechanism. Full details of the mechanism will be made available at IDH's website prior to the commencement of trading on the EGX.

 

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.

 

 

-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 | [email protected]

 

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