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Speed Medical inks deal to establish new firm

Speed Medical inks deal to establish new firm
Speed Medical will own 30% of the company’s capital
Speed Medical
SPMD
-1.34% 2.21 -0.03

Cairo – Mubasher: Speed Medical Company signed an agreement to form a new company under the name of ‘Prime Speed for Medical Services’ in partnership with Modern Solutions Company, Prime Egypt Group’s chairman Tamer Waguih, and other businessmen including Mahmoud Farag and Ayman Sabry.

Speed Medical will own 30% of the company’s capital, according to bourse disclosure on Monday.

The aim of this company is to help the Egyptian nation in the current health challenges and in creating partnerships to provide state-of-the-art medical services across the nation.”

It is worth mentioning that in 2019, Speed Medical reported net profits of EGP 17.09 million, compared to EGP 12.7 million a year earlier, including minority shareholders’ rights.