{"id":579282,"date":"2023-02-01T04:15:29","date_gmt":"2023-02-01T04:15:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/"},"modified":"2023-02-01T04:15:29","modified_gmt":"2023-02-01T04:15:29","slug":"idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/","title":{"rendered":"IDH ends its pursuit of Pakistani diagnostics firm IDC"},"content":{"rendered":"

<\/a> IDH pulls the plug on acquisition of a major stake in IDC: <\/strong>Integrated Diagnostics Holdings (IDH) has walked away from its bid to acquire a major stake in one of Pakistan\u2019s largest diagnostics providers due to regulatory issues and challenging economic conditions, the multinational consumer healthcare outfit said in disclosures to the London Stock Exchange<\/a> and EGX (pdf)<\/a> yesterday. IDH said in December 2021<\/a> it would acquire 50% of the owner of Islamabad Diagnostic Center<\/a> (IDC) for USD 72.35 mn, a move that would have given it a presence in South Asia for the first time.<\/p>\n

Why the pullback? <\/strong>IDH said it was backing out of the acquisition because of \u201cextensive delays in the regulatory review process, the challenging global economic environment and the condition precedent related to repatriating funds.\u201d<\/p>\n

This had been in the cards:<\/strong> IDH said last September<\/a> that it was looking to renegotiate terms of the acquisition after the two sides failed to finalize terms by the deadline set out in the sale and purchase agreement. IDH signed the initial agreement<\/a> with UAE-based Evercare, which owns 100% of IDC via a special purpose vehicle, in late 2021. IDC is a major diagnostics firm in Pakistan and has more than 80 branches across the country.<\/p>\n

Pakistan\u2019s economy is in crisis: <\/strong>Mass floods last year and political turmoil have exacerbated economic woes in the heavily indebted country, where foreign reserves are running dangerously low, leading some to warn<\/a> a Sri-Lanka style default is in the cards. The local currency has lost some 14% since last Thursday to reach a record low against the USD, as authorities move to liberalize the exchange rate<\/a> in hopes of restarting a stalled USD 7 bn assistance package from the IMF.<\/p>\n

IDH\u2019s share price held up here, but dipped in London on the news:<\/strong> IDH\u2019s EGX-listed shares remained unchanged at EGP 25.20. LSE-listed shares, on the other hand, dropped 6.6% to close at USD 0.54.<\/p>\n","protected":false},"excerpt":{"rendered":"

IDH pulls the plug on acquisition of a major stake in IDC: Integrated Diagnostics Holdings (IDH) has walked away from its bid to acquire a major stake in one of Pakistan\u2019s largest diagnostics providers due to regulatory issues and challenging economic conditions, the multinational consumer healthcare outfit said in disclosures to the London Stock Exchange […]<\/p>\n","protected":false},"author":1,"featured_media":579283,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,7115,1406,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-healthcare","tag-integrated-diagnostics-holding","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"4903d368-0c9c-4f9f-8a22-61e9c43d1248","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/5.jpg","photo_position":"above","related_issue":[579273],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.4544b90e-314b-4009-870f-f711abbf0ff8.mp3"},"yoast_head":"\nIDH ends its pursuit of Pakistani diagnostics firm IDC - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IDH ends its pursuit of Pakistani diagnostics firm IDC\" \/>\n<meta property=\"og:description\" content=\"IDH pulls the plug on acquisition of a major stake in IDC: Integrated Diagnostics Holdings (IDH) has walked away from its bid to acquire a major stake in one of Pakistan\u2019s largest diagnostics providers due to regulatory issues and challenging economic conditions, the multinational consumer healthcare outfit said in disclosures to the London Stock Exchange […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T04:15:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"IDH ends its pursuit of Pakistani diagnostics firm IDC\",\"datePublished\":\"2023-02-01T04:15:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\"},\"wordCount\":323,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"healthcare\",\"Integrated Diagnostics Holding\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\",\"name\":\"IDH ends its pursuit of Pakistani diagnostics firm IDC - 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Integrated Diagnostics Holdings (IDH) and Mansour Group investment arm Man Capital announced they are investing (pdf) in Eagle Eye Echo-Scan Services Limited, a leading medical diagnostics business based in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549199,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/idh-wants-to-renegotiate-terms-for-pakistani-diagnostics-player\/","url_meta":{"origin":579282,"position":1},"title":"IDH wants to renegotiate terms for Pakistani diagnostics player","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"IDH wants to table a new offer for Islamabad Diagnostic Center amid economic woes in Pakistan: IDH is looking to renegotiate terms of its bid to acquire a major stake in one of Pakistan's largest diagnostics providers due to economic and political turbulence in the country, a company official told\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613844,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/idh-names-sherif-el-zeiny-as-its-new-cfo\/","url_meta":{"origin":579282,"position":2},"title":"IDH names Sherif El Zeiny as its new CFO","author":"enterpriseam admin","date":"22 January 2024","format":false,"excerpt":"The decision took effect January 2024","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554119,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/idh-pushes-into-pakistan-with-landmark-acquisition\/","url_meta":{"origin":579282,"position":3},"title":"IDH pushes into Pakistan with landmark acquisition","author":"enterpriseam admin","date":"21 December 2021","format":false,"excerpt":"Consumer healthcare giant Integrated Diagnostics Holdings (IDH) will acquire a major stake in one of Pakistan\u2019s largest diagnostics providers, marking the company\u2019s entrance into South Asia and giving it access to one of the biggest markets in the region. The LSE-and EGX-listed company announced yesterday in a regulatory filing (pdf)\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/432.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622006,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/idh-reports-26-y-o-y-increase-in-net-profits-in-9m2018\/","url_meta":{"origin":579282,"position":4},"title":"IDH reports 26% y-o-y increase in net profits in 9M2018","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"EARNINGS WATCH- Integrated Diagnostics Holdings (IDH) reported a 26% y-o-y increase in net profits to EGP 356 mn in 9M2018, according a regulatory filing (pdf). The consumer healthcare company\u2019s 9M2018 revenues were up 25% y-o-y to EGP 1.38 bn. 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