Cairo, Egypt; December 27, 2010 - Al Borg Laboratories, the Middle East's largest medical testing group, has announced that it has finalized the voluntary delisting of its shares from the Egyptian Stock Exchange ("EGX") and has become a private joint stock company.

In accordance with the rules and regulations of the EGX and the Egyptian Financial Supervisory Authority ("EFSA") governing voluntary de-listings, the Company offered to buy all minority shareholders representing approximately 15% of shares outstanding at the highest traded price of EGP 149.44 per share in the thirty days preceding the meeting of the Company's Board of Directors which called for the Extraordinary General Meeting of the Shareholders of the Company to convene and approve the delisting; minorities representing approximately 5.5% of shares outstanding responded to and participated in the offer at a total cost to Al Borg of approximately EGP 33.5 million and financed by Company excess cash balances.

Post cancelation of the acquired shares, Abraaj's shareholding in the Company, through its Infrastructure and Growth Capital Fund (IGCF), would reach roughly 90% up from 76.9% at the time of initial acquisition in May 2008 and subsequent share buy-backs conducted in 2009 which lifted Abraaj's stake to 84.9%.

While under no legal obligation to do so, the Company will from time to time reach out to the remaining minority shareholders seeking to exit and provide them with a liquidity event in privately negotiated transactions.

Commenting on the delisting, Ahmed Badreldin, Executive Director at Abraaj Capital, the majority shareholder of Al Borg Laboratories through IGCF, said "The voluntary delisting constitutes another step in our strategy of increasing the ownership stake through Abraaj's Fund from roughly 77% in 2008 to around 90% currently, while returning cash to public shareholders that tendered their shares in the share buybacks and delisting over the last 2 years".

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About Al Borg Laboratories:
Al Borg was established in 1991 and is currently one of the largest private medical laboratory chains in the Middle East with over 1,100 employees in 90 branches spread across Egypt and c.25% share of the Egyptian private laboratory testing market. The Company is involved in a wide range of conventional and specialized tests and is the market leader in hepatitis, molecular & genetic diagnosis. Al Borg was the first Egyptian laboratory to receive international accreditation from the Swedish Board for Accreditation and Conformity Assessment (SWEDAC). Abraaj Capital, through its Infrastructure and Growth Capital Fund, currently owns 85% of the shares of Al Borg through its $150m acquisition in May 2008. For additional information, please visit www.alborglab.com  

About Abraaj Capital:
Abraaj Capital is the biggest private equity group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, it has raised close to US$ 7 billion and distributed almost US$ 3 billion to its investors. Headquartered in Dubai, the Abraaj Group operates seven offices in the region including in Istanbul, Cairo and Riyadh. Funds managed by the Abraaj Group or its predecessor entities have made 36 investments in 11 countries and achieved more than 20 exits. More than 75 world-class investment professionals work for Abraaj Capital, which manages seven funds including; four buyout funds; Riyada Enterprise Development Fund, a Fund dedicated to small and medium enterprises; and ASAS, an income-generating real estate Fund. Assets under management at the end of 2009 were US$ 6.1 billion.

Funds managed by the Abraaj Group have holdings in about two dozen companies in the region including Air Arabia, the region's biggest low cost carrier; Acibadem Healthcare Group, Turkey's largest privately owned hospital operator; and Al Borg Laboratories, the Middle East's biggest privately owned medical-testing laboratory company. Abraaj Capital has won many regional and international awards, including five consecutive years as 'Middle Eastern Private Equity Firm of the Year' from London-based Private Equity International. Abraaj Capital Limited, a member of the Abraaj Group, is licensed by the Dubai Financial Services

Authority. The group is also an associate member of the European Venture Capital Association.

For further information, please contact:
Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969 / Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com

© Press Release 2010