The listing of the EGP-denominated ordinary shares will position IDH as the sole dual-listed Egyptian company on both the Egyptian Exchange and the London Stock Exchange
Cairo: Further to its announcements on 22 March 2021 and 5 May 2021, Integrated Diagnostics Holdings ("IDH," "the Company" or "the Group”, IDHC on the London Stock Exchange ("the LSE")), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan, and Nigeria, announces that it has received approval from the Egyptian Financial Regulatory Authority ("the FRA") for the dual listing of the Company's ordinary shares on the Egyptian Exchange's ("the EGX") main market under the EGX ticker code IDHC.CA and ISIN code EGS99021C015.
Following the EGX's approval received on 5 May 2021, FRA approval allows the Company to proceed trading on the EGX, which is expected to begin on 20 May 2021.
The technical listing is without any concurrent offering of new shares by the Company, the first of its kind on the EGX, and meets the regulatory requirements of the EGX listing and delisting rules, including a 5% minimum free float (equivalent to 30,000,000 shares) on the exchange. The EGX-listed shares will be denominated and traded in Egyptian Pounds ("EGP"), and will be complementary to the Company's USD-denominated shares that are currently listed and traded on the LSE.
Commenting on the EGX's approval, CEO Dr. Hend El Sherbini said: "We are delighted to have received the final regulatory approval and the FRA's signoff on our dual listing on the EGX. This follows IDH's successful roadshow that garnered strong interest from local investors looking to capitalize on our Group's growth story. The listing will help improve liquidity and increases IDH's visibility in our home market of Egypt."
"At the time of our IPO in 2015, IDH was the first Egyptian healthcare company to be listed on the London Stock Exchange. Today, with the approval for our technical listing on the EGX, we are yet again at the forefront with IDH being the sole dual-listed Egyptian company on the LSE and EGX. We are also proud to have pioneered the technical listing model, the first of its kind on the EGX and one that is bound to encourage more firms to proceed with listings and grow the EGX's attractiveness," El Sherbini added.
The dual listing boasts a fungible structure between the LSE and the EGX whereby shares are easily transferred between the two exchanges through a set share transfer mechanism. Full details of the mechanism will be made available at IDH's website prior to the commencement of trading on the EGX.
EFG Hermes and Renaissance Capital are advising the Company in connection with the dual listing. Clifford Chance (as to English and US law), Ogier (as to Jersey law) and White & Case (as to Egyptian law) are acting as legal counsel to the Company.
© Press Release 2021