Finance

Egypt: IFC to back IDH’s expansion with $45mln

Thursday, 20 May 2021 12:45
Egypt: IFC to back IDH’s expansion with $45mln

(Ecofin Agency) - The International Finance Corporation plans to support the growth strategy of Egyptian service provider Integrated Diagnostics Holding Plc with $45 million. According to Capital Ouest, which relayed the news, the Egyptian company seeks to grow locally and beyond borders.

IDH is listed on the London Stock Exchange and also has a footprint in Jordan, Sudan, and Nigeria. The next step is to carry out a second listing on the Egyptian Stock Exchange. The firm is advised by EFG Hermes and Renaissance Capital in this transaction and is also backed by Hena Holdings and Actis, which hold considerable stakes in its capital.

For its fiscal year ended December 2020, IDH reported revenues of about EGP2.6 billion ($165.8 million).

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