IFC acquires stake in healthcare provider
Integrated Diagnostics Holdings (IDH) – a consumer healthcare company with operations in Egypt, Jordan, Sudan, and Nigeria – announced that the shareholding of IDH held jointly by the International Finance Corporation (IFC) and IFC Middle East and North Africa Fund (IFC MENA Fund) has reached 5%.
IFC and the IFC MENA Fund’s acquisition of IDH’s shares began in May 2021 to support IDH’s dual-listing on the Egyptian Exchange (EGX) in addition to its listing on the London Stock Exchange (LSE).
The acquisition comes as part of a larger overall engagement between IDH and IFC which includes a $60 million debt financing package to help finance IDH’s expansion plan.
IDH CEO Dr. Hend El Sherbini commented, ”We are delighted to continue our engagement with the IFC as we prepare the kickstart of a new chapter of our corporate development story, building on an outstanding 2021 to deliver new growth and value to all stakeholders. Over the years, we have had the opportunity to collaborate with the IFC on several different fronts starting with our co-investment in Nigeria in 2018, where we have jointly deployed millions of dollars to bring best-in-class medical diagnostic practices and technology to Africa’s most populous country. More recently, we partnered with IFC on a $60 million debt financing package which will be used to finance our expansion into Pakistan. We take pride in our ongoing partnership with a prestigious institution like the IFC and look forward to working closely together to continue meeting the strong demand for healthcare services across our footprint.”
IFC manager for health and education in Africa, Olaf Schmidt commented, ”We are proud to build on our strategic partnership with IDH to improve health outcomes for more patients across Africa, Middle East, and beyond. IDH has long been a private sector leader in Egypt and our financial investment will help expand their delivery of high-quality healthcare services during a challenging time when patients need it most.”
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