Business
IDH launches Greenfield in KSA with Izhoor
IDH launches Greenfield in KSA with Izhoor.
About this update from Integrated Diagnostics Holdings Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK MARKET ABUSE REGULATION\n \n \n \n \n IDH and its Jordanian subsidiary, Biolab, to Launch Greenfield Diagnostic Venture in Saudi Arabia in Partnership with Izhoor Medical, a company owned by Fawaz Alhokair\n \n \n \n \n Through this strategic partnership, IDH will enter the attractive Saudi Arabian healthcare market, expanding the Company's geographic footprint and patient pool further, and building a platform for exciting future growth opportunities\n \n \n \n \n 31 October 2022\n \n \n \n \n (Cairo and London)\n \n - Integrated Diagnostics Holdings (\"IDH,\" \"the Company\" or \"the Group\"), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan, and Nigeria, announces the signing of a Joint Venture (\"JV\") Agreement with Al Makhbaryoun Al Arab LLC (\"Biolab\") and Izhoor Holding Medical Company LLC (\"Izhoor\") to launch a new diagnostic venture in Saudi Arabia. The new joint venture will be owned 50% by IDH Group (IDH and its Jordanian's subsidiary Biolab) and 50% by Izhoor, a company owned by Fawaz Alhokair, chairman of the renowned Saudi retail group, Fawaz Alhokair Group (together, \"the partners\").\n \n \n The management team of the new joint venture will be led by Dr. Amid Abdelnour, Biolab's founder and CEO, with the day-to-day operations overseen by the Biolab team who will look to transfer its operational expertise and high quality standards to the new venture. Ultimately, the partners are looking to develop a full-fledged pathology diagnostic services provider offering a wide array of diagnostics services across a far-reaching branch network in the Kingdom.\n \n \n The proposed transaction has an estimated investment cost of USD 19.7 million (SAR 73.7 million). IDH's equity investment into the venture is estimated to stand at USD 4.7 million, of which USD 2.8 million will come from the holding company and USD 1.9 million from Biolab. The new venture's operations are targeted to begin within four to six months from the signing of the agreement on 27 October 2022, subject to the receipt of all the necessary regulatory approvals and licenses.\n \n \n Founded in 2020 and fully owned by Fawaz Alhokair, Izhoor is a healthcare platform providing innovative solutions to the Saudi market through st...