Last checked at 28 Oct 2021 16:34
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