Al Borg Laboratories Acquires Majority Stake in Biolab

Al Borg Laboratories, a medical diagnostics business based in Egypt, has acquired a majority stake in the Jordan-based lab group Biolab. It is the fourth acquisition being made by Al Borg since its own acquisition by Abraaj Capital. The firm, headquartered in Dubai, paid $150 million for a 90 percent stake in Al Borg in 2008.

Terms of the Biolab deal were not disclosed.

PRESS RELEASE:

Al Borg Laboratories, the leading Middle Eastern medical diagnostics business, has completed the acquisition of a majority stake in Biolab (Al Makhbariyoun Al Arab), the Jordan based lab group. This comes as part of Al Borg’s regional acquisition strategy to expand its geographical footprint into other Middle Eastern markets and represents the fourth acquisition made by Al Borg since it was acquired by Abraaj Capital in 2008. Dr. Amid Abdel Nour, Biolab’s founder and Managing Director, will hold a significant stake and will continue to run the business going forward. Dr. Abdel Nour will also sit on the board of directors of Biolab as well as Al Borg Group.

“This partnership will help us quickly scale up our operations and expand our branch network across Jordan and the Levant region” said Dr. Abdel Nour. “We will benefit from Al Borg’s track record and know-how in running large lab chains spread across remote areas in addition to its financial support and institutional backing.

“There are significant synergies to be extracted by the combined entity on the procurement and back-office functions, and a wealth of knowledge and experience lying within it. We will work closely with our colleagues in Jordan to realize these synergies and transfer this knowledge for the benefit of all stakeholders”, said Sherif Shaheen, CEO of Al Borg. “With Biolab’s expertise in the Molecular and Cytogenetic testing and Al Borg’s scale of operations, the Group will be able to offer a wider range of congenital and inherited cancer syndromes and Immune disorders testing that were historically sent to Europe. We are looking forward to export Dr. Amid and his team’s unique expertise to our operations in Cairo”.

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About Al Borg Laboratories:

Al Borg was established in 1991 and is currently the largest private medical laboratory group in the Middle East with over 1,400 group employees in over 100 branches spread across Egypt and c.25% share of the Egyptian private laboratory testing market. The Company is involved in a wide range of conventional and specialized tests and is the market leader in hepatitis, molecular & genetic diagnosis. Al Borg was the first laboratory in Egypt to receive an international accreditation ISO 15189 for Total Quality Management. Abraaj Capital, through its Infrastructure and Growth Capital Fund, currently owns 90% of the shares of Al Borg through its $150m acquisition in May 2008. For additional information, please visit www.alborglab.com

About Biolab:

Biolab was established in 2001 with the mission of becoming the leading private medical laboratory group in Jordan that presents cutting edge medical technology by providing high end service to its patients, physicians, hospitals and referring clinical laboratories. Biolab’s 50 professionals serve their customers by offering a 700+ test menu through one centralized main laboratory and three specialty testing laboratories in Amman. On top, Biolab is the exclusive agent of Biomnis (formerly known as Laboratoire Marcel Merieux), offering its clients access to the 3,000+ test menu of the leading French reference laboratory. Biolab has Accreditation from the Jordanian Ministry of Health (“MOH”), with two more accreditations in process, ISO 15189 and Joint Commission International (JCI). For additional information, please visit www.biolab.jo