CAIRO - Integrated Diagnostics Holdings (IDH), a prominent diagnostics service provider in the Middle East and Africa, has increased its stake in Biolab KSA by purchasing an additional 49% for SAR 12.0 million (USD 3.2 million), as announced today. This acquisition, financed through existing cash, raises IDH's total ownership in the Saudi-based lab to 79%, with the remainder held by its Jordanian subsidiary.
The transaction is a strategic move to deepen IDH's footprint in the Saudi market, which the company views as large and underserved. Dr. Hend El Sherbini, CEO of IDH, expressed satisfaction with the Saudi operations launched earlier this year and anticipates this increased investment will further accelerate expansion within the kingdom.
IDH, with a history spanning over four decades, operates under various brands across the region, including Al Borg and Al Mokhtabar in Egypt, and Biolab in Jordan. As of December 31, 2023, the company operated 601 branches, serving over 8.5 million patients and conducting more than 36.1 million tests in the previous year.
The company, which has been listed on the London Stock Exchange (LON:LSEG) since May 2015 under the ticker IDHC, continues to pursue growth through its Hub, Spoke, and Spike business model. Additionally, IDH seeks expansion into new markets in the Middle East, Africa, and East Asia through acquisitions.
The information in this article is based on a press release statement.
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