Integrated Diagnostics Company signs $45M financing agreement with IFC

CAIRO – 25 May 2021: Integrated Diagnostics Holding Company announced that it has obtained a financing package of $ 45 million from the International Finance Corporation (IFC).

The company said in a statement issued, Tuesday, that the loan extends to 8 years and will be allocated to finance the company's growth plans across current markets and to enter new markets with the aim of expanding the provision of diagnostic services in emerging markets with high growth rates in addition to strengthening its current presence in Egypt, Jordan and Nigeria, and Sudan.

It indicated that it is looking for promising acquisition opportunities in the markets of Africa, the Middle East and South Asia, as the company's business model is commensurate with the possibility of benefiting from consumer and healthcare sector trends similar to the company's current markets.

It added that the aforementioned financing package will also be employed in the implementation of the planned expansions at the level of medical services activities and the portfolio of diagnostic tests provided, with a focus on expanding activities for conducting a diagnostic test for infection with the virus (Covid-19) in the Egyptian and Jordanian markets, as part of the two countries' efforts to combat the spread of the virus.

For her part, CEO of the company, Hend El-Sherbiny, confirmed that the loan will allow the Integrated Diagnostics Company to achieve the target of strategic growth and facilitate the arrival of a variety of high-quality diagnostic and medical services at reasonable prices, through its current markets or entering new markets, while contributing to achieving the goal of the IFC,  which is focused on encouraging private investment and sustainable development.

She said that this agreement would enhance the means of long-term strategic cooperation, which began its journey with investment in the Nigeria market, and this step also contributes to strengthening the company's commitment to the health care sector in emerging markets, in addition to implementing its joint strategy and alignment with the objectives of environmental and social practices and principles of Governance in force.

 El-Sherbiny added that the $ 45 million financing package will allow the Integrated Diagnostics Company to expand in the healthcare sector by strengthening the company's footprint in the region through the implementation of promising acquisition deals, as well as expanding the current medical service offerings, geographical presence, and offering digital offers to facilitate access to services to the largest patient base possible.

In the same context, the company stated that, in cooperation with the International Finance Corporation, it is seeking to obtain an EDGE certificate that aims to promote gender equality and in so doing.

Renaissance Capital acted as the company's advisor on the financing deal, while the role of legal advisor was the Clifford Chance office (in relation to British and American law) and Noor and Company's office in cooperation with Al-Tamimi and Associates Advocates and Legal Consultants office (regarding Egyptian law).

On May 20, The Egyptian Exchange (EGX) welcomed the new listing of Integrated Diagnostics Holding Company (IDH), listed in London Stock Exchange under the code IDHC.  A ringing of the bell ceremony in celebration of the new listing was held at EGX’s trading floor today in the presence of leaders from EGX & IDH announcing the beginning of trading of 600 million shares of IDH in the Egyptian market in EGP.

Mohamed Farid, Executive Chairman of the Egyptian Exchange, expressed his enthusiasm for the listing of Integrated Diagnostics Holding Company, the second listing in EGX during the year, and the first dual listing with London Stock Exchange in the medical sector.  He pointed out that the company has a market capitalization of more than $650 million, adding great appeal to the Egyptian market.

Farid added that EGX will welcome other expected listings during the 2nd half of the year.  He also stressed on EGX’s keenness to provide all sorts of support for companies willing to list on EGX’s platforms to enhance liquidity of the Egyptian market.