Integrated Diagnostics Holdings (IDH) announced on Sunday that it has received approval from the Egyptian Financial Regulatory Authority (FRA) for the dual listing of shares on the Egyptian stock exchange (EGX). Shares of IDH, a healthcare diagnostics service provider with operations in Egypt, Jordan, Sudan, and Nigeria, Shares will be listed under the ticker symbol "IDHC.CA". Following the Egyptian bourse's approval received on May 5, the FRA's greenlight allows IDH to proceed trading on the EGX, which is expected to begin on May 20. The technical listing is without any concurrent offering of new shares by IDH, the first of its kind on the EGX, and meets the regulatory requirements of the EGX listing and delisting rules, including a 5 percent minimum free float – equivalent to 30,000,000 shares – on the exchange. The EGX-listed shares will be denominated and traded in Egyptian Pounds, and will be complementary to IDH's USD-denominated shares that are currently listed and traded on the London Stock Exchange (LSE). "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 capitalise on our Group's growth story." Hend El Sherbini, IDH's chief executive, said in a statement. '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 concluded. 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, IDH statement read. Full details of the mechanism will be made available at IDH's website prior to the start of trading on the EGX. EFG Hermes and Renaissance Capital are advising IDH in connection with the dual listing. Clifford Chance (as to English and U.S. laws), Ogier (as to Jersey law), and White & Case (as to Egyptian law) are acting as legal counsel to the company.
