Cairo – Mubasher: The board of Speed Medical Company approved a proposal to raise the company’s issued capital by 211% to EGP 221.82 million from EGP 71.32 million.

The capital is planned to be increased by EGP 150.5 million to be distributed over 752.5 million shares at a nominal value of EGP 0.20 per share, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The capital increase will be paid in cash or from the accounts payable.

In addition, the company approved 2020's plan that includes completing Speed Hospital on the Ismailia Desert Road and increasing the number of laboratories to 110 and specialised clinics to two, along with shifting to the main market.

It is worth mentioning that during 2019, Speed Medical Company’s net profits increased to EGP 17.09 million from EGP 12.7 million in the prior year, including minority shareholders’ rights.