Cairo – Mubasher: Speed Medical Company has increased its capital to EGP 71.327 million from EGP 52 million, according to a statement released on Tuesday.

The capital increase is distributed among 96.638 million bonus shares and is funded by profits recorded in financial statements as at 31 December 2018.

Speed Medical submitted documents for the listing of the capital-increase shares to the Egyptian Exchange (EGX).

The EGX said that it is reviewing the submitted documents to be presented later to the listing committee.

It is worth noting that Speed Medical’s net profit increased to EGP 17.09 million during the 12-month period ended 31 December 2019, compared to EGP 12.7 million a year earlier, including minority shareholders’ rights.