Cairo – Mubasher: Speed Medical Company’s ordinary general meeting (OGM) approved the increase of the company’s capital, according to a bourse statement.

The Egypt-listed firm’s capital will be increased by EGP 19.32 million to reach EGP 71.32 million.

Speed Medical’s OGM also consented to the amendment of the sixth and seventh clauses of the company’s articles of association. The OGM approved the distribution of EGP 19.32 million dividends for the years 2016, 2017, 2018.

Speed Medical recorded a 46% year-on-year consolidated profit increase during the first half of 2019 on the back of rising revenues. The company’s profit reached EGP 10.7 million in H1-19.