Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request from Speed Medical Company to increase its capital to EGP 221.82 million from EGP 71.32 million.

The company’s issued capital will be raised by EGP 150.5 million distributed over 752.5 million shares at a nominal value of EGP 0.20 apiece through the issuance of 2.11 shares for every share held, according to a bourse statement on Sunday.

It is worth mentioning that in February, the company’s board approved a proposal to increase the company’s issued capital by 211% to EGP 221.82 million from EGP 71.32 million.

For the full-year 2019, Speed Medical Company’s net profits grew to EGP 17.09 million from EGP 12.7 million in the previous year, including minority shareholders’ rights.