UAE-based private equity firm Abraaj Capital has divested 21 per cent of its shareholding in Egyptian healthcare diagnostics service provider Integrated Diagnostics Holdings (IDH).

UK-based emerging market investment company Actis has acquired the stake in the firm, which provides services such as pathology and genetics testing in Egypt, as well as North Sudan and Jordan.

Abraaj Capital’s investment has supported IDH’s regional expansion, with the company making a total of five acquisitions.

The UAE company is currently vying to take over Egyptian cake and biscuit producer Bisco Misr.

Egypt’s financial regulator, the Egyptian Financial Supervisory Authority, recently extended the deadline to 24 December for Abraaj Capital to make an offer, which is the same deadline given to the firm’s rival, US food producer Kellogg. The previous bid deadline was 17 December.