IDH acquires 50% stake in Islamabad Diagnostic Center in Pakistan

Daily News Egypt
2 Min Read

Integrated Diagnostic Holdings (IDH), a provider of high-quality medical diagnostic services with operations in Egypt, Jordan, Sudan, and Nigeria, has signed an agreement to acquire a 50% stake owned by Evercare Group in Islamabad Diagnostic Center in Pakistan.

In a statement to the Egyptian Exchange, the company explained that the value of the deal is $72.35m, adding that the deal is scheduled to be completed as soon as a set of main conditions are met.

The conditions include obtaining regulatory approval from the Competition Commission of Pakistan, which will result in the company acquiring the controlling stake in one of the leading providers of diagnostic testing services in Pakistan with the start of cooperation with its founder Rizwan Abal.

The company expects to complete the transaction during the first half of 2022.

IDH achieved EGP 1.15bn profits during the nine months ending in September 2021, compared to EGP 375.42m profits in the same period in 2020.

The company’s sales increased to EGP 3.76bn during that period, compared to EGP 1.67bn in the same period of 2020.

As for independent financial statements, the net profit declined to $25.74m, compared to $27.51m in the same period of 2020.

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