Egyptian Exchange Posted
The Egyptian Exchange (EGX) welcomed the new listing of Integrated Diagnostics Holding Company (IDH), listed in London Stock Exchange under the code IDHC. A ringing of bell ceremony in celebration of the new listing was held at EGX’s trading floor today in the presence of leaders from EGX & IDH announcing the beginning of trading of 600 million shares of IDH in the Egyptian market in EGP.
Dr. Mohamed Farid, Executive Chairman of the Egyptian Exchange, expressed his enthusiasm for the listing of Integrated Diagnostics Holding Company, the second listing in EGX during the year, and the first dual listing with London Stock Exchange in the medical sector. He pointed out that the company has a market capitalization of more than US$650 million, adding great appeal to the Egyptian market.
Farid added that EGX will welcome other expected listings during the 2nd half of the year. He also stressed on EGX’s keenness to provide all sorts of support for companies willing to list on EGX’s platforms to enhance liquidity of the Egyptian market.
Dr. Hend Al Sharbini, CEO of IDH, said that the company achieved one of its strategic objectives during the current phase by providing a unique opportunity for a broader base of investors to trade on IDH. She pointed out that the start of trading on shares in EGX as well as LSEG will result in increasing the number of individual investors in Egypt and the region as well as investment institutions specialized in emerging markets that take the Egyptian stock exchange as a gateway to these attractive markets.
She pointed out that the company is at the forefront of the medical sector in Egypt and the region, thus offering a unique opportunity to maximize investment returns in the healthcare sector, taking advantage of the strength of its organizational structure and integrated business model as well as its clear growth strategy.
Egyptian Financial group – Hermes Holding Co and Renaissance Capital acted as the IDH’s advisor in the dual listing process, while Clifford Chance, White & Case and Auger’s office (in relation to Jersey law) acted as legal counsel.