Cairo – Mubasher: Integrated Diagnostics Holdings (IDH) has received the Egyptian Financial Regulatory Authority’s (FRA) approval to proceed with a dual listing of the company’s ordinary shares on the Egyptian Exchange (EGX).

The listing, which will be complementary to its current listing on the London Stock Exchange (LSE), allows local investors to easily trade shares of the consumer healthcare company, according to a statement on Monday.

“From the time of our IPO in 2015, our goal was to offer this unique value proposition to the widest investor base possible," the CEO of IDH, Hend El-Sherbini, said. 

The group owns several brands, including Al Borg, Al Borg Scan, and Al Mokhtabar in Egypt, in addition to Biolab in Jordan, Ultralab and Al Mokhtabar Sudan in Sudan, and Echo-Lab in Nigeria.

“IDH will pursue a technical listing on the EGX without any concurrent offering of new shares by the company as an efficient path to achieve accelerated admission and access new liquidity pockets with increased trading volumes.”

“The technical listing, the first of its kind on the EGX, will see IDH meet the regulatory requirements of the EGX listing and delisting rules, including a 5% minimum free float on the EGX.”

El-Sherbini noted that "the FRA’s registration approval is an important milestone to bringing home IDH’s shares to the EGX, where the company’s market capitalisation of over $600 million will add significant value to the exchange and strengthen its position as a key entry point for MENA equity and debt capital markets.”

The listing is expected to be completed during the first half (H1) of 2021 subject to receipt of regulatory approvals.

EFG Hermes and Renaissance Capital were selected to act as advisors on the dual listing.