IDH Purchases Additional 49% Stake in Biolab KSA
(Cairo and London) — Integrated Diagnostics Holdings (“IDH,” “the Group,” or “the Company”), a leading provider of diagnostic services with operations in Egypt, Jordan, Nigeria, Sudan, and Saudi Arabia, announced today the purchase of an additional 49.0% stake in Biolab KSA. The additional stake, previously held by Izhoor Holding Medical Company LLC (“Izhoor”), was purchased for a total consideration of SAR 12.0 million (USD 3.2 million). The transaction involved a one-time cash payment from IDH to Izhoor financed from IDH’s existing cash.
IDH’s holdings in Biolab KSA following the transaction stand at 79.0% (versus its previous 30.0% stake), with the remaining 21.0% held by the Group’s Jordanian subsidiary, Al Makhbaryoun Al Arab LLC (“Biolab”).