Last checked at 25 Oct 2023 07:00
IDH CEO increases stake in the Company
25 October 2023
(Cairo and London) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), a leading provider of diagnostics services with operations in Egypt, Jordan, Nigeria, Sudan, and soon launching in Saudi Arabia, announced today that its Chief Executive Officer, Dr. Hend El Sherbini, has completed the purchase of an additional 2.0 million shares in the Company. The purchases were completed between 10 October 2023 and 16 October 2023 by Hena Holdings Limited ("Hena Holdings"), the vehicle through which Dr. El Sherbini owns her shares, and were announced on the London Stock Exchange (LSE).
Hena Holdings remains the single largest shareholder in the Company with 162.4 million shares and a stake of 27.07%, up from the previously held 26.71% stake. Dr. El Sherbini had previously purchased additional shares in the Company in August 2022, acquiring 7.3 million shares and increasing her stake in the Company to 26.71% from 25.50% (which she had held since the Company's initial IPO).
Commenting on the purchase, Dr. Hend El Sherbini, said: "The decision to further increase my stake in the Company underscores my confidence in the strength and resilience of IDH's business model and in its growth potential over the coming years. Despite the ongoing economic uncertainty, the Company has continued to perform well, delivering robust growth and solid profitability while making progress on our post-Covid-19 growth and value creation strategy. In the coming months, we will be adding a fifth geography to our portfolio, bringing our superior quality and expertise to thousands of Saudi Arabian patients. We are excited for what lies ahead as we continue to expand our footprint, service offering and capabilities to generate sustainable growth and value for our stakeholders and capitalise on the important growth opportunities offered by our markets."
It is important to note that the stock purchases were completed before the start of the closed period leading up to the release of IDH's 9M 2023 earnings report.
In addition to Hena Holdings' purchases, Lord St John of Bletso, IDH's Chairman of the Board of Directors completed the purchase of 30 thousand shares in the Company earlier this year. Ms. Yvonne Stillhart, a member of the Board of Directors also purchased 230 thousand shares in the Company in April of this year. It is worth highlighting that transactions completed by Hena Holdings, Lord St John of Bletso, and Ms. Yvonne Stillhart were conducted on the London Stock Exchange.
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About Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics services provider in the Middle East and Africa offering a broad range of pathology and radiology tests to patients in Egypt, Jordan, Nigeria and Sudan. 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 552 branches as of 31 December 2022, IDH served over 8.7 million patients and performs more than 32.7 million tests in 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
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com
LEI: 2138007JN9NUWKKTS790