Cairo – Mubasher: Speed Medical Company is looking to increase its capital to EGP 213.9 million from EGP 71.3 million.

The capital is planned to be increased by EGP 142.6 million during 2020, through the issuance of two-for-one shares at a nominal value of EGP 0.20 apiece, with a total number of 713.2 million shares, the company said in a bourse disclosure on Sunday. 

The capital raise is expected to meet the company’s financing needs during 2020, including finishing the works of Speed Hospital on the Ismailia Desert Road and increasing the number of laboratories to 105, along with supporting its plan to shift to the main market.

Subject to the approval of the board of directors set to convene in January, the company’s issued and paid-in capital are planned to be increased.

Moreover, Speed Medical’s 2020 plan also includes increasing the number of its specialized centres to two.

It is noteworthy that during the first nine months of 2019, the company logged a net profit of EGP 16.4 million, compared to EGP 10.99 million in the year-ago period.