Cairo – Mubasher: Speed Medical Company affirmed that the board of directors has no intention to exit the company or change the methodology of the management.

The current board will continue to exercise its duties at least until the end of its term in 2024, the company said in a bourse disclosure on Wednesday.

In a bid to attract foreign and local institutions to invest in the company, "the board sold to them for the sake of better and diversified shareholder structure.”

With the entry of new investors, the company decided to raise its capital by EGP 150 million instead of a previous decision to increase the capital by EGP 50 million. The board financed more than half of the capital increase.

During the first six months of 2020, Speed Medical Company achieved net profits of EGP 21.2 million, up from EGP 10.75 million in the year-ago period.